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On Friday, President Donald Trump shared on Truth Social that he had a “very productive” discussion with China’s leader, Xi Jinping, and noted that “progress” had been achieved regarding “the approval of the TikTok Deal.”
A White House representative informed CNBC that the conversation took place at 8 a.m. ET. While final details seem pending, Trump mentioned his appreciation for the TikTok approval. The two leaders are set to meet again at the APEC Summit in South Korea this coming November.
“I have just concluded a very productive call with President Xi of China. We made advances on several crucial issues, including Trade, Fentanyl, the necessity to end the Russia-Ukraine conflict, and securing the TikTok Deal,” Trump stated. “The call was very encouraging. We plan to talk again by phone, value the TikTok approval, and anticipate our meeting at APEC!”
Earlier this week, Treasury Secretary Scott Bessent announced that an agreement’s “framework” for TikTok had been established with China. Subsequently, Trump extended the TikTok deal deadline by 90 days to December 16 through an Executive Order. This marks the fourth extension since Congress mandated that ByteDance, TikTok’s Beijing-based parent, sell the app or face a U.S. ban.
According to CNBC’s David Faber, TikTok’s U.S. stakeholders will include both new and existing investors. Oracle, which has served as TikTok’s U.S. cloud provider since 2022, will maintain its association, sources revealed. CBS indicated that the private equity firm Silver Lake is also a participant. Reports suggested ByteDance will retain a portion of ownership.
Notable business figures have submitted bids to purchase the app, involving the group led by Kevin O’Leary, billionaire and former Dodgers owner Frank McCourt, and Reddit co-founder Alexis Ohanian in “The People’s Bid.” Additionally, proposals were separately submitted by AI startup Perplexity, Amazon, and Applovin.
President Donald Trump announced on Truth Social on Friday that he had a “very productive” call with China’s leader, Xi Jinping, and that “progress” has been made “on the approval of the TikTok Deal.”
A White House official told CNBC that the call began at 8 a.m. ET. Although the matter does not appear to have been finalized, Trump wrote that he can “appreciate the TikTok approval” and that the two leaders will meet again in November at the APEC Summit in South Korea.
“I just completed a very productive call with President Xi of China. We made progress on many very important issues, including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote. “The call was a very good one. We will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!”
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