The United States and China have reached a framework agreement allowing TikTok to continue operating in the U.S. under a new 80 percent American-controlled ownership.

President Donald J Trump announced the deal during a White House briefing on Tuesday, September 16, extending the divestiture deadline for ByteDance, TikTok’s Chinese parent company, and paving the way for a consortium of U.S. investors (Oracle + Silver Lake + A16z + legacy investors) to take control of the platform’s American assets. The exact value of the deal has yet to be disclosed.

“Thanks to his tough negotiating, a framework for a deal is in place, and China is coming to the table,” said Treasury Secretary Scott Bessent.

President Trump and Chinese President Xi Jinping are scheduled to discuss the terms of the deal

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