A deal has been made between the US and China to keep TikTok running in the US, President Donald Trump revealed.
“We have a deal on TikTok, I’ve reached an agreement with China, and I’ll be speaking with President Xi on Friday to confirm everything,” Trump told reporters as he left the White House for a state visit to the United Kingdom.
The Chinese business ByteDance, which runs the social media site, was warned it had to sell its US operations or face closure.
However, Trump has frequently postponed the ban since its initial announcement in January.
The US president stated that a buyer will be announced shortly.
It was gathered that the deal would include a mix of current and new investors and would be completed in the next 30 to 45 days.
It also stated that US technology company Oracle would maintain its existing deal to host TikTok servers in the United States.
One of the key concerns raised by American politicians was the sharing of data with China on national security grounds.
On Monday, a US trade team said that it had secured a “framework” agreement with China as part of larger trade talks in Madrid.
China confirmed the basic agreement but stated that no deal will be struck at the price of their companies’ interests.
Wang Jingtao, deputy head of China’s internet administration, said in a press conference that the agreement included “licensing the algorithm and other intellectual property rights” following the talks.
He added, “The Chinese government will, according to law, examine and approve relevant matters involving TikTok, such as the export of technology as well as the licensed use of intellectual property.”
It also stated that US technology company Oracle would maintain its existing deal to host TikTok servers in the United States.
One of the key concerns raised by American politicians was the sharing of data with China on national security grounds.
On Monday, a US trade team said that it had secured a “framework” agreement with China as part of larger trade talks in Madrid.
China confirmed the basic agreement but stated that no deal will be struck at the price of their companies’ interests.
Wang Jingtao, deputy head of China’s internet administration, said in a press conference that the agreement included “licensing the algorithm and other intellectual property rights” following the talks.
TikTok temporarily went black in January, but just for a day before the first ban was extended.
The deadline for a sale has been extended three times, and the latest delay to the ban is due to end on 17 September.
