The United States and China have reportedly finalized a deal for TikTok to be sold to American owners with President Donald Trump and Chinese President Xi Jingping set to officially "consummate" it next week in South Korea, U.S. Treasury Secretary Scott Bessent announced on Sunday (October 26) during an appearance on CBS News ' Face the Nation Sunday (October 26).

“We reached a final deal on TikTok,” Bessent. “We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea."

President Donald Trump signed an executive order to facilitate a deal to potentially transfer ownership of the popular social media application TikTok to Americans on September 2

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