After a phone call earlier between US President Trump and Chinese President Xi Jinping on the issue of whether TikTok's US business should stay or go elsewhere, both sides agreed to reach an agreement, but the specific details remain unclear.
After the call, Trump stated on his Truth Social platform that the two sides had made progress on the agreement on whether TikTok's US operations should stay or go, and publicly thanked the other party for their cooperation, even saying that they had "approved" the relevant agreement. However, Reuters NewsQuoteChinese state media reported that Xi Jinping expressed respect for the wishes of relevant companies and hoped that the results of the negotiations would comply with legal norms and the interests of both parties. The relevant wording was relatively conservative.
As for TikTok's parent company ByteDance's subsequentIssue a statementIn addition to thanking the leaders of the two countries for their "efforts to protect TikTok's business in the United States," it also promised to ensure the continued operation of TikTok's business in the United States in accordance with Chinese law, thereby releasing the news of its stable business operation to the outside world.
Recent reports indicate that the US and China have entered the final stages of an agreement, which may include the introduction ofNew version of TikTok app, but will continue to use ByteDance's algorithm technology, and American investors will obtain major operational control. The US investment will hold approximately 80% of the shares, while the Chinese shareholding ratio must be less than 20%. At the same time, the US government will be able to obtain billions of dollars in benefits.
However, the relevant agreement has not yet been finalized, and Trump has recently signed an executive order extending the ban on TikTok in the United States for the fourth time, allowing both China and the United States more time to deal with agreement matters before the end of December this year.
