US President Donald Trump announced on Monday that the US and China have reached a trade deal over social media platform TikTok and its parent company ByteDance.

The president trumpeted the deal on a Truth Social post, stating:

The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday.

US trade representative Jamison Greer reportedly stated that part of the potential framework is to switch the app to US ownership, though a buyer has not been announced. In order to finalize the deal, Trump may seek an additional 90-day delay on the TikTok ban, currently scheduled to begin September 17.

US Treasury Secretary Scott Bessent stated to news outlets that Chinese officials are interested in “Chinese characteristics of the app, which they think are soft power. We don’t care about Chinese characteristics. We care about national security.” 

In 2024, Congress passed the Protecting Americans from Foreign Adversary Controlled Applications Act, which prevents “internet hosting services from foreign controlled applications” that pose a threat to national security. In January, the US Supreme Court upheld a ban on TikTok under the Protecting Americans from Foreign Adversary Controlled Applications Act. Twelve hours after the ban went into effect, Trump issued an executive order to delay its enforcement, which restored US user access to the app. Trump signed an executive order in June to extend the pause on the ban until this Wednesday.