Meanwhile, President Trump and President Xi of China prepare to finalize the much-awaited TikTok sale agreement. They plan to take that step at their annual meeting in Korea on Thursday, October 30. This settlement will address persistent issues related to the popular social media company’s conduct within the U.S. Indeed, last month, Trump signed an executive order to expedite the deal’s progress. Given the difficulty of achieving an agreement — seen in the rent burden and affordability crisis — that timeline has stretched for months.
The Tik Tok deal has run into multiple hiccups, first when the initial proposals got rejected by Chinese officials. While we’re still charting how these failures will play out, China has been encouraging of a U.S. sale of TikTok since early January. ByteDance, TikTok’s parent company in China, has agreed to divest its controlling stake to an American owner. This action responds directly to national security threats outlined by U.S. officials.
Details of the Proposal
This board would manage several critical aspects of the platform, including:
- Recommendation Algorithm: The new board will oversee how content is recommended to users, ensuring adherence to U.S. standards.
- Source Code Management: The control over TikTok’s source code is designed to enhance transparency and security.
- Content Moderation: The board will be responsible for moderating content, which is crucial for compliance with American regulations.
Overall, these proposed revisions will greatly diminish the threats posed by foreign interference on U.S. digital platforms. In doing all this, they will increase American users’ sense of security too.
Extended Deadlines and Negotiations
The path to this meeting has been paved with roadblocks and set backs. Back in 2020, President Trump issued similar threats to ban TikTok across the United States. He reminded them that China and ByteDance needed to take clear action on the transaction or else. Throughout the year-and-a-half of negotiations, Trump issued three extensions on the deadline. This action provided China with additional time to address major security concerns about TikTok.
Scott Bessent, former U.S. Treasury Secretary’s remarks that the negotiators had come a long way on their way to concluding.
“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,” – Scott Bessent, U.S. Treasury Secretary [“Face the Nation” – CBS].
That meeting in Korea is shaping up to be a watershed moment for both leaders. For their part, the leaders hope to reach a conclusion on a deal that has inspired worldwide admiration.
Next Steps
President Trump and President Xi from China are preparing for a pivotal meeting. At the same time, questions remain over who exactly the American parties are in the TikTok deal. Though well-known figures have popped up in this debate, Trump has not yet publicly appointed anyone.
This meeting is likely to have the most profound effect on TikTok’s ultimate fate. Perhaps even more importantly, it could determine the future trajectory of U.S.-China relations as a whole. As both prime minister and president are obviously committed to seeing the agreement through, stakeholders globally will be watching closely.
