00:00TikTok is set to continue operating in the United States as the landmark deal between Washington and Beijing NEAR's finalization sources close to the matter revealed.
00:09The agreement, which has been under negotiation for years, aims to address U.S. national security concerns by ensuring American users' data is stored and managed independently from China.
00:20ByteDance TikTok's parent company will not be required to sell the app, making a shift from previous demands under the Trump administration.
00:30The key elements of the agreement include the requirement for TikTok to store and manage U.S. user data separately from its China-based systems.
00:39A third-party entity will be appointed to oversee the handling of this data, ensuring it remains isolated from foreign access.
00:46Additionally, the U.S. government will implement strict oversight mechanism to monitor TikTok's operations and compliance with the agreement.
00:54U.S. Treasury Secretary Scott Benson told CNBC on Tuesday the commercial terms of the deal had, in essence, been done since around March, with just a few details left to be ironed out.
01:06This development could ease tensions in the ongoing tech standoff between the two superpowers, while allowing TikTok to maintain its massive U.S. user base.
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