China approves deal on TikTok: what will happen to the app in the USA

US Treasury Secretary Scott Bessent announced that China has approved a deal for the transfer of ownership of TikTok's American assets. According to the agreement, the new entity that will own the app will predominantly be owned by American investors, and ByteDance's stake will decrease to less than 20%, in accordance with national security law.

'In Kuala Lumpur, we finally finalized the deal on TikTok in terms of gaining China's approval, and I expect it will be executed in the coming weeks and months, and we will finally see a resolution to this issue,' Bessent noted.

China's Ministry of Commerce confirmed that China will address issues related to TikTok appropriately with the United States. ByteDance was given an additional 75 days to finalize the deal following Trump's order, which repeatedly postponed the deadline due to China's reaction to American tariffs and mentioned agreements with Chinese leader Xi Jinping regarding Ukraine after their meeting.

China has approved the deal to transfer ownership of TikTok assets to American investors, reducing ByteDance's stake to less than 20%. The deal is expected to be executed in the coming weeks and months, according to the US Treasury Secretary. Trump's order gives an additional 75 days to finalize the deal, and US leadership has repeatedly postponed the deadline due to conflicts between the countries over trade.