The Trump administration is working on a deal with China to determine TikTok's fate, which could be finalized by the end of this week, according to reports citing Treasury Secretary Scott Bessent.
President Trump has plans to meet on Friday with China's President Xi Jinping, and the two are expected to discuss the fate of the Chinese-owned social media platform. That means the deadline of Wednesday, Sept. 17, may pass before there's a definitive resolution on the matter. The key question is whether ownership of TikTok will transfer to a US-based company. The platform could shut down temporarily in the US, as it has before, in accordance with a federal law passed last year in response to national security and privacy considerations.
That law requires TikTok's parent company, ByteDance, to sell the social media service to a US-based company or essentially be shut down in the US. The initial deadline, set for January, has been extended twice already by the Trump administration as it cited progress on the matter.
Bessent said on Monday that the two countries have reached a preliminary deal and "commercial terms have been agreed upon."
Neither TikTok nor the Treasury Department responded immediately to requests for comment.
An agreement over TikTok has been complicated by ongoing trade warring between the US and China and a new ruling against US-based Nvidia. China claims Nvidia has violated anti-monopoly laws in that country.
Skepticism about a TikTok deal
Even with the administration's suggestion that a deal is imminent, it's possible that TikTok's future could remain in limbo even longer.
"I have seen the TikTok negotiations stall and shift so many times that I am not holding my breath on a deal being completed this week," said Star Kashman, founder of Cyber Law Firm, who's been following the TikTok saga. "Every time we hear about progress or a framework getting reached, some external complication throws the whole negotiation back into limbo."
Tariffs and the Nvidia claims have further complicated what was already a complex negotiation over TikTok, she said. "It is likely that too much is already at play, including ByteDance's potential obligations to the Chinese government, national security concerns, and privacy issues, as well as the desire to keep TikTok's addictive algorithm, without isolating and segregating US users."
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