Trump Announces Breakthrough TikTok Deal Amidst US-China Trade Tensions

President Donald Trump declared on Tuesday that the United States and China have reached an agreement to keep TikTok operational in the U.S., transferring the app's American assets from ByteDance to U.S. ownership. This marks a significant breakthrough in prolonged negotiations between the top two global economies amidst a trade war.

Trump, without revealing specific details, confirmed the interest of several major companies in acquiring TikTok's U.S. operations and praised the trade agreement as mutually beneficial. However, implementation requires consent from the Republican-controlled Congress following concerns about data privacy and national security under Chinese control.

While the Trump administration has previously deferred enforcing shutdowns, fearing backlash from users and political impacts, this newly crafted deal, involving Oracle and several other investors, aims to spin off TikTok into a U.S.-based entity. Final confirmation between Trump and Chinese President Xi Jinping is anticipated soon.

(With inputs from agencies.)