US and China reach agreement on TikTok - deal to be approved this week
US Secretary of the Treasury Jeffrey Bessent announced that Washington and Beijing managed to agree on the future of TikTok - a Chinese social network that was previously threatened with a ban in the US.
«We have reached an agreement with the Chinese side. The final approval of the agreement will take place during the meeting of the President Donald Trump з Xi Jinping on Thursday in South Korea,» Bessent said.
What we know about the deal
According to the US minister, the agreement provides for joint control over TikTok in the US through the establishment of an independent supervisory committee responsible for compliance with national security requirements.
The US investors are expected to retain a stake in the company, while the Chinese side has agreed to restriction of access to personal data of US users.
Expectations from the meeting
The meeting between Trump and Xi Jinping should be a key event in US-China relations after months of intense negotiations.
Analysts say that the TikTok deal could be a symbolic signal of warming between the two countries amid economic rivalry.
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