US Treasury Secretary Scott Bessent confirmed the finalization of an agreement on TikTok, following months of negotiations over Chinese control of the app’s algorithm.
“We reached a final deal… and I believe that as of today, all the details are ironed out,” speaking to CBS from Kuala Lumpur, Bessent said, noting that the leaders would formalize the arrangement in South Korea.
Bessent said he could not share further specifics on the finalized agreement, emphasizing that he was not “part of the commercial side of the transaction.”
“My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days,” he said.
Tariff truce ahead of Trump-Xi meeting
Bessent says Washington and Beijing have reached a truce in their tariff standoff, easing fears of a major escalation in trade tensions. Bessent said President Donald Trump’s threat of a 155% tariff on Chinese goods would no longer move forward.
Bessent described a “very good two day meeting” with China’s Vice Premier He Lifeng, signaling a breakthrough before Trump meets China’s President in Korea this week.
“I would expect that the threat of the 100% has gone away,” he said, adding that Beijing had also stepped back from its own threat of a global export control regime on rare earths.
Rare earths pressure defused
China had warned of possible export controls in December on rare earth elements critical for electronics and electric vehicles.
“It was never imposed,” Bessent said. “President Trump… decided that it would be a good idea for him to threaten a 100% additional tariff, and it did give us a great deal of leverage.”
Soybean farmers “extremely happy”
US soybean farmers, previously hit by China’s boycott during the tariff war, could soon benefit from renewed purchases.
“The soybean farmers are going to be extremely happy with this deal for this year and for the coming years,” Bessent said.
No change on chip controls
Despite concessions on tariffs, the US is not easing export restrictions on advanced semiconductors or Chinese investments, according to Bessent.
“There have been no changes… in our export controls,” he said.
