The future of TikTok in the United States took a major step forward Thursday after China approved a transfer agreement for the popular short-video app. US Treasury Secretary Scott Bessent confirmed the move, saying he expects the sale to progress over the coming weeks and months.

"In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we'll finally see a resolution to that,

Trump’s meeting with China’s Xi Jinping produced no details on the future of the popular app.

Treasury Secretary Scott Bessent said Thursday the U.S. and China have finalized an agreement on TikTok that would allow the popular social media platform to remain available in the U.S. “In

A tariff hike could potentially damage the Chinese economy. The U.S. imported about $438 billion worth of goods and services from China last year, making it the largest destination for China’s exports. In all, that figure accounts for about 15% of China’s exports, according to the Office of the U.S. Trade Representative.

China's Commerce Ministry says Beijing will work with the Trump administration to resolve issues related to TokTok's ownership.

Beijing will work with Washington to “properly resolve” issues around the divestiture of the U.S. operations of TikTok

According to U.S. national security law, Beijing-based ByteDance must sell TikTok's U.S. operations or effectively be banned in the country. China has yet to approve terms of a deal that would allow a new joint-venture company to oversee TikTok in the U.S.