The fate of the app used by 170 million Americans has been in limbo for 18 months due to a law ordering the TikTok's Chinese owners to sell its U.S. assets.

China has approved the transfer agreement for the short video app TikTok, U.S. Treasury Secretary Scott Bessent said on Thursday, adding that he expects it to move forward in coming weeks and months but giving no other details.

“In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we’ll finally see a resolution to that,” he told Fox Business Network following President Donald Trump’s meeting with Chinese leader Xi Jinping.

China’s Commerce Ministry said in a statement earlier on Thursday that China would properly handle T

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