The deal sets the stage for the creation of a new US company worth as much as $50 billion that would serve 172 million US users.

U.S. Treasury Secretary Scott Bessent said on Tuesday he anticipated a final deal on the short-video app TikTok when President Donald Trump speaks with Chinese leader Xi Jinping on Friday.

US Treasury Secretary Scott Bessent said that Trump and Chinese President Xi Jinping would seal the agreement during a conversation on Friday.