President Donald Trump suggested a deal for an American company to buy TikTok from ByteDance could be completed this week when he speaks with Chinese President Xi Jinping on Friday. 

“The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump wrote on Truth Social on Monday. “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday.”

Treasury Secretary Scott Bessent clarified that the “framework” of an agreement for TikTok had been reached. Beijing said the two sides had reached a “basic consensus” on the deal. 

In March 2024, President Joe Biden signed a bill that ordered TikTok’s Chinese owner, ByteDance, to divest its shares from the company within six months or face an effective ban in the US. The initial deadline for the sale was January, and the service was briefly shut down in the US. 

Trump extended the deadline multiple times, allowing Americans to use TikTok while the agreement was negotiated. 

During his first administration, President Donald Trump backed banning TikTok, claiming the Chinese government was using the video-sharing app to influence Americans. However, Trump lacked support from Congress for the ban. 

After Israel began its genocidal campaign in Gaza, TikTok users shared videos exposing Israeli war crimes and demanding Washington end military aid to Tel Aviv. The bill only gained the necessary support on Capitol Hill to pass after the content shared on TikTok became overwhelmingly pro-Palestinian.

While the details of the TikTok sale are unclear, it’s possible that Trump ally Larry Ellison is involved. Ellison is the billionaire owner of Oracle.