President Donald Trump and Treasury Secretary Scott Bessent confirmed Monday that the United States and China have reached a framework agreement on TikTok’s ownership following trade talks between the two nations.
Bessent, speaking to the press, declined to disclose details of the arrangement but said the deal’s objective is to transfer TikTok’s ownership from China-based ByteDance to an American entity. “We are not going to talk about the commercial terms of the deal,” he said. “It’s between two private parties. But the commercial terms have been agreed upon.”
President Trump praised the outcome of the weekend trade meeting in a social media post and said he plans to speak with Chinese President Xi Jinping on Friday to finalize terms. The call is scheduled two days after the current Sept. 17 deadline for TikTok’s ownership resolution expires.
The deadline has been repeatedly extended. Under former President Joe Biden, the White House and Congress moved to ban TikTok unless ByteDance sold its majority stake, citing national security concerns over Chinese access to data. Trump has since continued to delay enforcement as negotiations progress.
The uncertainty has left small business owners watching the case closely. TikTok isn’t just a social media platform—for many, it serves as a cornerstone of their marketing strategy. More than seven million U.S. small businesses rely on the platform as an effective and affordable way to amplify visibility, reach consumers and drive sales. Losing access to the platform would force many to rebuild their marketing strategies from the ground up.