US Treasury Secretary Scott Bessent confirmed the completion of the TikTok deal after months of negotiations over China’s control over the app’s algorithm.
“We have reached a final agreement … and I believe that as of today, all the details are settled,” Bessent told CBS in an interview from Kuala Lumpur, adding that the leaders were formalizing the agreement in South Korea.
Bessent said he could not provide further details on the completed deal, stressing that he was not “part of the commercial side of the transaction”.
“My job was to get the Chinese to agree to approve the transaction, and I believe we’ve been able to do that successfully over the last two days,” he said.
Tariff truce ahead of Trump-Xi meeting
Bessent says Washington and Beijing have reached a truce in the tariff dispute, easing fears of a major escalation in trade tensions. Bessent said President Donald Trump’s threat of 155% tariffs on Chinese goods will not move forward.
Bessent described a “very good two-day meeting” with Chinese Vice Premier He Lifeng, signaling a breakthrough before Trump meets the Chinese president in Korea this week.
“I would expect the threat to be 100% gone,” he said, adding that Beijing had also backed off its own threat of a global rare earth export control regime.
Rare earth pressure neutralized
China warned in December of possible controls on exports of rare earth elements critical to electronics and electric vehicles.
“It was never saved,” Bessent said. “President Trump … decided it would be a good idea to threaten a 100% additional tariff, and that gave us a lot of leverage.”
Soybean farmers ‘extremely happy’
US soybean farmers, previously hit by China’s boycott during the tariff war, could soon benefit from renewed purchases.
“Soybean growers will be extremely pleased with this agreement for this year and for years to come,” Bessent said.
No change to chip checks
Despite concessions on tariffs, the US is not easing export restrictions on advanced semiconductors or Chinese investment, according to Bessent.
“There have been no changes … in our export controls,” he said.
