WASHINGTON: China has approved the transfer agreement for TikTok, U.S. Treasury Secretary Scott Bessent announced on Thursday, signaling progress toward resolving the app’s uncertain status in the United States. Bessent added that he expects the transfer to move forward in the coming weeks and months, though he provided no additional details.
The short video app, owned by China-based ByteDance, has been under scrutiny in the U.S. since Congress passed a 2024 law requiring the sale of TikTok’s U.S. assets by January 2025. President Donald Trump signed an executive order in September 2025 approving the sale to a consortium of U.S. and global investors, delaying enforcement of the law until January 20, 2026, and stipulating that TikTok’s algorithm would be retrained and monitored under U.S. control.
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China’s Commerce Ministry confirmed it would “properly handle TikTok-related issues” in cooperation with the United States, while TikTok itself did not immediately comment. The deal ensures that ByteDance will hold less than 20% of TikTok U.S., with the new U.S.-based entity appointing six of seven board members from Americans and one by ByteDance.
The app, used by 170 million Americans, has faced ongoing national security concerns, and U.S. lawmakers, including Republican Representative John Moolenaar, have expressed worries over licensing arrangements related to TikTok’s algorithm. The approval by China clears a significant hurdle for completing the transfer and addressing long-standing regulatory issues.
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Once finalized, the deal would mark a resolution to a dispute that has persisted for over 18 months, balancing national security concerns with the continued operation of the popular social media platform in the United States.