According to U.S. national security law, Beijing-based ByteDance must sell TikTok's U.S. operations or effectively be banned in the country. China has yet to approve terms of a deal that would allow a new joint-venture company to oversee TikTok in the U.S.

The future of TikTok in the United States took a major step forward Thursday after China approved a transfer agreement for the popular short-video app. US Treasury Secretary Scott Bessent confirmed the move, saying he expects the sale to progress over the coming weeks and months.

China's Commerce Ministry says Beijing will work with the Trump administration to resolve issues related to TokTok's ownership.

Treasury Secretary Scott Bessent said Thursday the U.S. and China have finalized an agreement on TikTok that would allow the popular social media platform to remain available in the U.S. “In

Trump’s meeting with China’s Xi Jinping produced no details on the future of the popular app.

A tariff hike could potentially damage the Chinese economy. The U.S. imported about $438 billion worth of goods and services from China last year, making it the largest destination for China’s exports. In all, that figure accounts for about 15% of China’s exports, according to the Office of the U.S. Trade Representative.

During their meeting, Trump and Xi are expected to formalize a U.S.-China agreement on the sale of China-based TikTok's U.S. operations to an American-based investor group, allowing the popular video app to continue functioning in the United States.

The Trump administration has been signaling that it may have finally reached a deal with China to keep TikTok running in the U.S., with the two countries finalizing the details as soon as Thursday.