The popular social media app TikTok has secured its future in the U.S. market, with the U.S. and China finalizing an agreement that will see the platform spun off into a new American-owned entity.

U.S. Treasury Secretary Scott Bessent announced the breakthrough while on President Donald Trump’s trip through Asia, stating that the deal has received Chinese approval.

“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 finalized agreement is designed to address mounting national security concerns in Washington by mandating that TikTok’s U.S. operations be divested from its Chinese parent company, Byt

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