U.S. and China Outline TikTok Deal Framework as Deadline Looms

The U.S. and China appear to have sketched out a framework for a TikTok agreement, with President Trump hinting at progress on Monday in a Truth Social post that referred to a deal involving a company “young people in our Country very much wanted to be saved.” Treasury Secretary Scott Bessent later confirmed that talks were moving toward an arrangement, saying Beijing wants the app to retain some of its Chinese cultural features.

TikTok faces a September 17 shutdown unless parent company ByteDance relinquishes majority ownership or Trump grants another extension. He has repeatedly delayed enforcement of the ban despite once being its most vocal advocate, originally targeting the platform on national security grounds during his first administration. U.S. officials have long warned that TikTok could be used by China to influence or manipulate American users.

The push to curb the app continued under President Joe Biden, who signed bipartisan legislation banning it, though the platform briefly went offline only to return shortly after Trump took office again. Despite his earlier stance, Trump has shifted as his own popularity on TikTok has grown, now resisting an outright ban.

Trump has said multiple bidders are interested in acquiring TikTok, with Oracle emerging as the leading candidate. Shares of Oracle rose more than 3% on the news. Under the law governing TikTok’s future, ByteDance would be permitted to retain only up to a 20% stake.

The app, like Nvidia, has become a key flashpoint in U.S.–China negotiations, which are currently taking place in Europe. Trump and Chinese President Xi Jinping are expected to meet Friday to address both trade ties and the fate of TikTok.