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 had reached a “framework” on a deal during discussions in Madrid, and President Donald Trump subsequently signed an executive order to facilitate the deal.

In a Sunday morning appearance on CBS’ Face the Nation, Picent said the United States and China had reached a “final agreement on TikTok.”

“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 has repeatedly extended the deadline for the law requiring TikTok owner ByteDance to sell the app or ban it 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 have been reported as investors in the new joint venture, with Fox’s participation apparently confirmed by Trump.

Besant made his comments today from Kuala Lumpur, Malaysia, where Chinese and US trade negotiators also said they had reached a framework for an 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. (China has said it will tighten export controls on those minerals, which are critical to the manufacturing of semiconductors and other technology 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.