Treasury Secretary Scott Bessent says a deal to keep TikTok operating in the U.S is set to be finalized on Thursday when President Donald Trump is scheduled to meet with Chinese President Xi Jinping.

Speaking Sunday on CBS News' "Face the Nation," Bessent said the two sides came to an agreement during a recent meeting in Madrid.

"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," he said.

Bessent was speaking from Malaysia, where he joined President Trump on his three-country Asia trade tour. President Trump is scheduled to meet with China's President Xi on Thursday at the annual summit of the Association of Southeast Asian Nations, hosted by Malaysia.

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