President Trump and Chinese leader Xi Jinping spoke about a TikTok deal Friday, but details on the social media platform's U.S. future remain unclear.
Why it matters: It's not 100% certain what the deal under discussion entails, though reports have suggested U.S. investors would control most of a new entity with a new app.
Driving the news: U.S. officials have said all week there was a framework deal in place, pending a call between the two leaders. Most observers assumed there would be more concrete confirmation Friday.
- China's Xinhua news agency reported that the Chinese made their position on TikTok clear, and that businesses were free to conduct negotiations that complied with applicable laws.
- China also hopes for a fair environment for its companies to invest in the U.S., Xinhua reported.
What he's saying: Trump, in a Truth Social post, spoke about the conversation with Xi in general terms.
- "We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal," he wrote.
- "The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!"
Yes, but: There were no further details on what was approved, or what might happen next.
- "We thank President Xi Jinping and President Donald J. Trump for their efforts to preserve TikTok in the United States. ByteDance will work in accordance with applicable laws to ensure TikTok remains available to American users through TikTok U.S.," parent company ByteDance said in a statement.
In Oval Office remarks late Friday, Trump said "we look forward to getting that deal closed."
- Asked if it was fully approved yet, Trump said "I think so."
- The president didn't directly respond a question on Chinese control of TikTok's algorithm, saying only "It's all being worked out. We're going to have very good control."
Catch up quick: Earlier this week, Trump once again extended his freeze on enforcing a ban on TikTok, this time until mid-December.
- The extension came after his administration said they had a framework deal with the Chinese.
State of play: The Wall Street Journal reported Tuesday that U.S. users would be asked to move to a new app, being tested by TikTok engineers, and with a new algorithm for recommending content licensed from TikTok parent ByteDance.
- That algorithm is TikTok's crown jewel, and control over it was seen as key to any deal.
- The new app would be controlled by an entity 80% owned by U.S. entities, with one board member designated by the U.S. government.
Editor's note: This story has been updated with comments by President Trump.
