Trump and Xi will make a “brilliant” TikTok deal on Thursday, the Treasury Secretary said

The US and China are ready to move forward with the TikTok deal, according to Treasury Secretary Scott Besent.

Besant had already said last month that the two countries Arriving at a “framework” on the deal During discussions in Madrid, and President Donald Trump afterwards He signed an executive order To facilitate the transaction.

in Sunday morning appearance on CBS Face the NationThe United States and China have reached a “final agreement on TikTok,” Besant said.

“We reached an agreement in Madrid, and I believe that as of today, all the details have been settled, and the two leaders will have to complete that deal on Thursday in Korea,” Besant said. He declined to discuss the details of the agreement, but added: “My mission was to convince the Chinese to agree to the deal, and I believe we accomplished that successfully over the past two days.”

Trump did The deadline was repeatedly extended Of the law that requires TikTok owner ByteDance to sell the app or see it banned in the United States.

Under the terms of his executive 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, with Oracle becoming responsible for security operations.

Oracle (led by Trump ally Larry Ellison), Fox Corp (owner of Fox News), Andreessen Horowitz, and Silver Lake Management are reported as investors in the new joint venture, with Fox participating. Trump appears to have confirmed this.

Besant made his comments today from Kuala Lumpur, Malaysia, where Chinese and American trade negotiators also said they… Reaching a framework for agreement On tariffs and other trade issues.

US trade negotiator Jamison Greer told reporters that the discussion covered rare earth minerals, but he did not specify how. (The Chinese said he would Tightening export controls On those metals, which are critical to the manufacturing of semiconductors and other technical products.)

“We talked about extending the armistice, we talked about rare earth elements, and of course we talked about all kinds of topics,” Greer said.