(NewsNation) — The U.S. and China have finalized a deal to allow popular social media app TikTok to continue to operate in the U.S., according to Treasury Secretary Scott Bessent.

“In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval,” Bessent told Fox Business. “And I would expect that would go forward in the coming weeks and months, and we’ll finally see a resolution to that.”

The deal will include TikTok being spun off into a separate U.S. entity that is owned by American investors.

President Donald Trump has been working to negotiate a deal since taking office, repeatedly delaying enforcement of a law passed by Congress that would ban TikTok from operating in the U.S. unless it was sold to American investors.

While TikTok is a Singaporean company,

See Full Page