US Treasury Secretary: Trump and Xi will sign a deal on TikTok on October 30

Myroslav Trynko Graduate news editor at “Mezhy”. A geek, a programmer by profession, but a journalist by profession. Rider, tennis player and Formula 1 fan. I write about technology, smartphones and electric cars.

The US and China have reached a final agreement on TikTok and are preparing to formalize the agreement on October 30, 2025 in Korea. This was reported by US Treasury Secretary Scott Bessent, writes TechCrunch. According to him, the parties agreed on all the details last month during negotiations in Madrid, after which President Donald Trump signed an executive order to facilitate the transaction.

“My task was to convince the Chinese side to approve the agreement, and we have successfully achieved this in the last two days,” Bessent said in an interview with CBS.

Under the terms of the presidential order, TikTok’s US operations, including its recommendation algorithm, source code and content moderation, will come under the control of a new board of directors. Oracle, led by Trump ally Larry Ellison, will be responsible for the security of the platform. Investors in the new joint venture also include Fox Corp, Andreessen Horowitz and Silver Lake Management.

The deal ends a long-running standoff between the U.S. and TikTok’s Chinese owner ByteDance, which has been forced to either sell the app or face a ban in the country.

Bessent made the announcement during a visit to Malaysia, where trade representatives from the US and China also announced a framework agreement on tariffs and supplies of rare earth metals.