00:00China has approved the transfer agreement for TikTok, says U.S. Treasury Secretary Scott Besson.
00:06He told Fox News the deal is expected to move forward in the coming weeks and months,
00:11although he gave no further details.
00:13Besson confirmed the approval came during earlier talks with his Chinese counterparts in Kuala Lumpur.
00:21China's Commerce Ministry meanwhile confirmed on Thursday
00:24that it will work with the U.S. side to properly address issues related to TikTok,
00:30following President Donald Trump's meeting with President Xi Jinping in South Korea on Thursday.
00:35TikTok, used by 170 million Americans, has faced more than 18 months of uncertainty.
00:42In 2024, Congress passed a law requiring the app's Chinese owners to sell their U.S. assets by January 2025.
00:50In September, Trump signed an executive order approving the sale of TikTok's U.S. operations
00:55to a consortium of American and international investors,
00:58while delaying enforcement of the law until January 2026.
01:03Under Trump's order, TikTok's algorithm will be retrained and monitored by the U.S. security partners.
01:09The agreement also sets up a seven-member board for the U.S. operations,
01:13six Americans and one representative from ByteDance,
01:16while ByteDance will hold less than 20% of the U.S. company.
01:20According to the U.S. team,
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