According to Treasury Secretary Scott Bessent, the United States and China are prepared to advance on a TikTok agreement.

Last month, Bessent mentioned that the two nations had established a “framework” for a deal during talks in Madrid, and subsequently, President Donald Trump signed an executive order to facilitate the arrangement.

In a Sunday morning segment on CBS’ Face the Nation, Bessent stated that a “final deal on TikTok” has been achieved between the U.S. and China.

“We finalized one in Madrid, and I believe that as of today, all aspects are resolved, and that will be for the two leaders to finalize that deal on Thursday in Korea,” Bessent remarked. He refrained from detailing the agreement but noted, “My responsibility was to secure Chinese approval for the transaction, and I think we successfully achieved that in the last two days.”

Trump has consistently prolonged the deadline set by a law mandating that TikTok’s parent company ByteDance either divest the application or face a ban in the United States. 

As per his executive order, the U.S. operations of TikTok — including its recommendation algorithm, source code, and content moderation — will be managed by a new board of directors, with Oracle tasked with overseeing security operations.

Reportedly, Oracle (headed by Trump supporter Larry Ellison), Fox Corp (owner of Fox News), Andreessen Horowitz, and Silver Lake Management are investors in the newly formed joint venture, with Trump’s remarks seemingly verifying Fox’s involvement.

Today’s remarks by Bessent were made from Kuala Lumpur, Malaysia, where both Chinese and American trade negotiators also indicated they had developed a framework for an agreement regarding tariffs and other trade matters.

U.S. trade negotiator Jamieson Greer informed reporters that rare earth minerals were part of the discussion, although he did not provide specifics. (China has indicated it will impose tighter export controls on these minerals, which are essential for semiconductor and other technology product manufacturing.)

“We discussed extending the truce, we covered rare earths, and naturally, we went over a variety of subjects,” Greer stated.