US reaches framework agreement with China on TikTok acquisition

(NLDO) - The US and China have reached a framework agreement to transfer the short video app TikTok to US-controlled ownership.

AP news agency reported that this agreement will be confirmed by US President Donald Trump and Chinese President Xi Jinping in a phone call on September 19.

According to US Treasury Secretary Scott Bessent, the US government will not be involved in the financial or commercial details of the ownership transfer deal. Instead, this is a transaction negotiated directly between two private parties, the Chinese company ByteDance and a US buyer.

The US and China have reached a framework agreement on TikTok ownership, and Donald Trump and Xi Jinping will hold a phone call to finalize the deal. Photo: AP

On the Chinese side, International Trade Representative Li Chenggang confirmed that the two sides have reached a "basic framework consensus" to resolve issues related to TikTok in a cooperative manner, while reducing investment barriers.

The deal is a major step toward addressing U.S. national security concerns, including TikTok's management of user data and proprietary algorithms.

US officials are concerned that Chinese law could require ByteDance to hand over data to the government.

Wang Jingtao from China's Central Cyberspace Affairs Commission said there was consensus on authorizing the use of intellectual property such as algorithms and assigning a partner to process user data in the US.

Source: https://nld.com.vn/my-dat-thoa-thuan-khung-voi-trung-quoc-ve-viec-mua-lai-tiktok-196250917085909312.htm