China has approved the transfer agreement for the short video app TikTok, U.S. Treasury Secretary Scott Bessent said on Thursday, adding that he expects it to move forward in coming weeks and months but giving no other details.

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

Treasury Secretary Scott Bessent said during a CBS interview that Presidents Donald Trump and Xi Jinping will likely approve a TikTok sale on Oct. 30.

TikTok announced three new features at its US Creator Summit yesterday. They include an update to revenue sharing for creators that offer subscriptions plus tools that can help with both the early planning stages of a video, and the process of editing longer clips into multiple shorter ones.

The Trump administration has been signaling that it may have finally reached a deal with China to keep TikTok running in the U.S., with the two countries finalizing the details as soon as Thursday

President Trump and Chinese President Xi met yesterday where Trump agreed to reduce tariffs on China to 47% and China will resume U.S. soybean purchases. The two leaders did not discuss Taiwan or TikTok.

This comes about a month after President Donald Trump signed an executive order declaring that the new TikTok deal met the requirements of the 2024 law that banned TikTok from operating in the U.S. At the time, Vice President JD Vance said the deal values the U.S. TikTok assets at $14 billion, as Deadline reported.

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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 has approved the transfer agreement for the short video app TikTok, U.S. Treasury Secretary Scott Bessent said on Thursday, adding that he expects it to move forward in coming weeks and months but giving no other details.

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