Donald Trump today cited progress on a few fronts including a deal for video app TikTok after speaking with Chinese President Xi Jinping and said the two leaders will be meeting in person in just over a month.
“I just completed a very productive call with President Xi of China. We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” he wrote on the Truth Social platform.
“I also agreed with President Xi that we would meet at the APEC Summit in South Korea, that I would go to China in the early part of next year, and that President Xi would, likewise, come to the United States at an appropriate time.
“The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!”
TikTok is owned by big Chinese conglomerate ByteDance, which had sparked national security concerns for years. A law passed during Joe Biden’s presidential term and upheld by the Supreme Court required the wildly popular app in the U.S. be sold to investors Stateside or shuttered. Biden punted enforcement of the law to the incoming administration and Trump has extended the sale-or-ban deadline four times — — the latest earlier this week — as he tried to broker a deal.
Treasury Secretary Scott Bessent announced Monday that U.S. and Chinese officials have reached a “framework” agreement for TikTok. China decided to reach an agreement with the United States on TikTok because “this consensus serves the interests of both sides,” Li Chenggang, China’s vice minister of commerce, said then, according to press reports.
There were no details. The U.S. investor consortium may still be shifting but is said to include Larry Ellison’s Oracle, Silver Lake and Andreessen Horowitz.
Trump also said this week that the United States government would receive a “tremendous fee” for putting the deal together.
