Name: Treasury Secretary Bessent says China approved TikTok transfer deal
Uploaded: 2025-10-30T19:18:13.225Z
Duration: 3 min 42 s
Description: U.S. Treasury Secretary Scott Bessent said Thursday that China has approved a TikTok transfer deal. CBS News White House reporter Willie James Inman has more.

U.S. Treasury Secretary Scott Bessent said Thursday that China has approved a TikTok transfer deal. CBS News White House reporter Willie James Inman has more.

Washington

US Treasury Secretary Scott Bessent confirmed that China has approved a transfer deal for TikTok's US operations. The announcement follows a meeting between President Trump and Chinese President Xi Jinping, where both sides discussed trade, tariffs, and technology issues.

The US government had previously threatened to ban TikTok, prompting negotiations for a private transaction to transfer the app's US operations. While a final agreement is expected in the coming days, both governments have indicated their willingness to cooperate on the matter.

Treasury Secretary Bessent says China approved TikTok transfer deal

Right now president Trump is on his way back to the White House after his three-country tour of Asia on the final leg of his Trip the president held a high-stakes meeting with China's president Xi Jinping This was their first face-to-face since 2019 and comes after months of clashes over trade and tariffs Speaking to reporters aboard Air Force One the president characterized the meeting as a success China What can I say we have It was an outstanding Group of decisions, I think For more let's bring in CBS News White House reporter Willie James and been really good to see you following his meeting with Xi President Trump announced the u.s. Will reduce tariffs on Chinese goods. What do we know about the deal? And what is China offering in return? Hey there Lindsay good to see you as well Well president Trump announcing that across-the-board tariff, which includes those tariffs responding to the fentanyl crisis would be 47% going down from 57% now This certainly is perhaps a welcome change for the Chinese but still significantly high in terms of tariff rates when you compare China to other nations around the world and so The president also in this deal making that he was able to come about with President Xi Compelled the Chinese to buy more soybeans. In fact Millions of metric tons of soybeans will be purchased by the Chinese perhaps a welcome news for farmers across the United States There are questions in terms of whether or not it's enough on top of that. You have a deal of sorts for critical Minerals or for the Chinese not to institute export controls for refined Materials after they are refined from critical minerals. So certainly that is welcome news for the Americans so a lot of deal-making here in terms of the Final sign still delivered a date and that is yet to be determined But we anticipate that will happen in the coming days though China also said it's working to resolve issues with tick-tock So we know that this morning US Treasury Secretary Scott Besson said China approved a tick-tock transfer deal. What more do we know? Yeah, and the White House isn't telegraphing many details about this remember the Treasury Secretary Scott Besson said earlier this week that Both leaders would sit down and that would indeed call for the final a deal if you will with tick-tock Remember, this is a private Transaction that will take place the u.s. Is of course helping facilitate these conversations in large part because the US government was set to ban tick-tock and President Trump has Kicked the can down the road so to speak and sign executive action. That would give some of the room for these private entities and investors to Handle this tick-tock deal, but the Treasury Secretary At least conveying that a final deal is coming in the next several days the Chinese of course also conveying that they will work with the United States for a deal on tick-tock and certainly millions of tick-tock users across the United States see that as welcome news because There was a brief period earlier this year when the tick-tock app went dark and the app stores that of course No longer is the case But we are still wait and see in terms of what happens with the u.s Entity the u.s. Part of tick-tock when it's created and when that deal is finalized Lindsay. Okay, Willie. Thank you

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