Trump and Xi Jinping reach preliminary agreement on TikTok deal, but details remain vague

Donald Trump announced that a deal regarding TikTok had been approved by Chinese President Xi Jinping, though he provided few specifics about the terms or when it would be finalized. This statement followed a phone call between the two leaders, marking their first direct communication since June. The ongoing tensions between the US and China regarding TikTok, a Chinese-owned social media platform facing a potential ban in the US, have been central to the negotiations. Reports suggest that US companies, such as Oracle, are negotiating a stake in TikTok’s US operations in a bid to reduce Chinese ownership to comply with US regulations. During the call, Xi emphasized the importance of US-China relations, reiterating China’s position that businesses should negotiate based on market rules. Trump, in turn, highlighted the progress made on multiple issues, including trade, fentanyl, and the war in Ukraine. Although details of the TikTok deal are still unclear, the agreement represents a step forward in the long-standing dispute between the two countries. Trump and Xi are also set to meet at the Asia-Pacific summit in South Korea later this year.