TikTok Transforms: U.S. Agreement with China Nears Finalization

Amid ongoing U.S.-China trade tensions, President Donald Trump on Tuesday announced a significant agreement concerning the social media app TikTok. The deal, which aims to allow TikTok's continued operation in the U.S., involves the transfer of the app's American assets to U.S. ownership, shifting control from China's ByteDance.

The agreement marks a pivotal moment in negotiations between the world's two largest economies and seeks to mitigate a protracted trade dispute that has unsettled international markets. While the White House has deferred full disclosure of the plan's specifics, it is expected to feature a U.S.-dominated board, enhancing American influence over the app's operations.

The transaction must be finalized by December 16, allowing for further negotiations and potential adjustments to the deal's structure. The agreement follows extensive talks and aligns with previous national security agreements. Treasury Secretary Scott Bessent assured that the arrangement respects U.S. security interests without sidelining Chinese stakeholders.

(With inputs from agencies.)