The Trump administration indicated a deal could be finalized as soon as Thursday during President Trump’s visit to South Korea, where he will meet Chinese President Xi Jinping.

The deal involves transferring TikTok’s ownership from China’s ByteDance to a US-based group to allow the platform to continue operating in the US.

The big picture: Treasury Secretary Scott Bessent told CBS that the transaction would be consummated during the meeting in Korea. • This potential agreement comes after months of uncertainty about TikTok’s future in the US following congressional actions and a law signed by President Joe Biden banning TikTok unless it finds new ownership free of Chinese control.

The backstory: After the law’s January 2024 deadline, TikTok was briefly set to go dark but was kept runn

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