President Donald Trump on Tuesday signed an executive order extending the enforcement of a TikTok ban in the United States by another three months – an action that may be superseded later this week with an agreement to sell the social media app’s US assets to an American-backed buyer.
The executive order was necessary to avoid TikTok going dark in the United States on Wednesday, when the previous extension was set to expire. Trump has now extended the TikTok ban three times after it initially went into effect on January 19, a day before Trump took office.
The Trump administration on Monday announced a deal has finally been reached between the United States and China to keep TikTok operational for the long term in the United States. Although the Trump administration did not reveal terms of the agreement, a US-backed buyer is expected to take control of TikTok’s US operations after Trump and China’s leader Xi Jinping hold a phone call Friday to finalize the sale agreement.
Trump has long sought an elusive deal to wrest TikTok’s US assets from Chinese control, allowing an American investor group to buy it. That was a nonstarter for China for months.
But, US Treasury Secretary Scott Bessent said Tuesday, China ultimate relented following Trump’s threat to shut down TikTok in the United States.
“What turned the tide was a call that Ambassador (Jamieson) Greer and I had with President Trump the night after the first day of negotiations, and President Trump made it clear that he would be willing to let TikTok go dark,” Bessent told CNBC Tuesday.
Bessent said he anticipated Trump and Xi will finalize a deal during a phone call set to take place Friday.
The bulk of the deal — organizing an American-led investor group to buy TikTok’s US assets – had been completed by April, Bessent said. But then Trump’s massive “Liberation Day” tariffs went into effect, effectively putting an embargo on all Chinese goods, and TikTok talks entered a standstill. After tariffs were brought lower and talks between the US and China resumed, Bessent said both Trump and Xi expressed interest in re-engaging on TikTok discussions.
But key details needed to be ironed out, including addressing US national security concerns and China’s willingness to approve the deal.
“We were not willing to give up national security in favor of the deal,” Bessent said. “So we were able to reach a series of agreements mostly for things we will not be doing in the future that will have no impact on national security.”
Ultimately, both sides acquiesced, and Bessent said the deal’s terms and investors will be revealed in the coming days or weeks.
“President Trump showed great leadership and fortitude for what he wanted to see on this deal,” Bessent said. “I think it is highly satisfactory for the US interests.”
Bessent didn’t discuss another point of leverage Trump was holding in TikTok negotiations: a meeting that China has wanted to arrange between Xi and Trump. US officials told CNN Monday that a TikTok agreement was a crucial step toward arranging that meeting, which could take place as soon as next month.
CNN’s Kevin Liptak contributed to this report.
