US and China reach ‘final deal’ on TikTok sale, treasury secretary says

A picture


US treasury secretary Scott Bessent claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok’s US version to new owners.“We reached a final deal on TikTok,” Bessent said on Sunday on CBS’s Face the Nation with Margaret Brennan.Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: “We reached [a deal] in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction” during a meeting scheduled for Thursday in Korea.Bessent did not disclose any details of the deal.But he did say it was a part of a broader framework – agreed to by both the US and China – of a potential trade deal to be discussed when Trump and Xi meet in the coming days.

The comments from Bessent came after Trump signed an executive order on 25 September paving the way for a deal for new ownership based in the US, with a majority of American investors,“I’m not part of the commercial side of the transaction,” Bessent added,“My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days,”Trump’s 19-year-old son, Barron Trump, has been floated by the president’s former social media producer Jack Advent as a potential board member,Trump has indicated new US investors include conservative media owners Rupert Murdoch and Larry Ellison.

In 2020, during his first presidency, Trump threatened to ban TikTok in 2020 in retaliation for China’s handling of Covid-19.Congress passed a ban of the app before it was signed into law in April 2024 by Joe Biden when he was president in between Trump’s two terms.It was set to go into effect on 20 January 2025 but was extended four times by Trump while his administration worked to develop a deal to transfer ownership.The deal is estimated to be valued at $14bn.The majority of US and international investors will own about 65% of the company, with ByteDance and Chinese investors owning less than a 20% stake.

Trump’s executive order hands oversight of the app’s algorithm to the new investors, including six out of seven seats on the board of directors.Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations, as part of a five-day tour of the continent, with an expected face-to-face meeting between Trump and Xi on Thursday.The two are expected to discuss soybean and agricultural purchases from US farmers, trade balance, and the American fentanyl crisis, which was cited as the basis for Trump’s 20% tariffs on Chinese imports.The best public interest journalism relies on first-hand accounts from people in the know.If you have something to share on this subject, you can contact us confidentially using the following methods.

Secure Messaging in the Guardian appThe Guardian app has a tool to send tips about stories,Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs,This prevents an observer from knowing that you are communicating with us at all, let alone what is being said,If you don't already have the Guardian app, download it (iOS/Android) and go to the menu,Select ‘Secure Messaging’.

SecureDrop, instant messengers, email, telephone and postIf you can safely use the Tor network without being observed or monitored, you can send messages and documents to the Guardian via our SecureDrop platform.Finally, our guide at theguardian.com/tips lists several ways to contact us securely, and discusses the pros and cons of each.
trendingSee all
A picture

Trump sanctions have swift impact but will world stop buying Russian oil and gas?

Donald Trump’s stated mission to broker peace in Ukraine could come down to this simple question: can the US president convince the world to stop buying Russia’s fossil fuels?Last week, Trump imposed sanctions on Russia’s two largest oil companies, Rosneft and Lukoil, in an effort to damage Moscow’s ability to fund its war machine.Tom Keatinge, the founding director of the Centre for Finance and Security (CFS) at the defence thinktank Rusi, said: “The US has been more effective in 24 hours than the EU has been in the last six months. Trump is willing to say what many others are too timid or too diplomatic to say out loud. For the longest time people have been calling for Trump to pull out the sanctions hammer. It could be very significant

A picture

Peer trying to derail UK smoking ban discussed bill with relative at tobacco firm

A member of the House of Lords who is trying to derail the generational ban on tobacco sales discussed the legislation with a family member who is “very high up” at British American Tobacco (BAT).Lord Strathcarron is proposing amendments that would scrap the central provision of the tobacco and vapes bill, originally proposed by Rishi Sunak’s government.If the bill is passed in its original form, the UK would become only the second country to implement a so-called generational smoking ban, making it illegal to sell tobacco to anyone born after 2008.Strathcarron’s proposal is to simply raise the legal purchase age from 18 to 21.The change proposed by the peer, who in a recent speech in the Lords described cigars as “harmless”, mirrors BAT’s lobbying position

A picture

Fare game: what the battle between taxis and Uber means for your airport trip in Sydney and Melbourne

By the time you’ve exited the plane, edged through passport control and endured the baggage claim wait, your only thought may be of home or a hotel bed. But passengers at Australia’s major airports have recently noticed some changes as they contemplate the final leg of their journey.Since Friday, in a bid to deter illegal touts, a new taxi booking trial at Melbourne airport has allowed some passengers to pay a fixed fare upfront. And next month, Sydney airport will begin its own one-year trial of a $60 flat fare for the 13km journey to the CBD.The changes, supported by the taxi industry, are a sign of its struggle to remain competitive with the rideshare companies – especially Uber

A picture

Amazon strategised about keeping its datacentres’ full water use secret, leaked document shows

Executives at world’s biggest datacenter owner grappled with disclosing information about water used to help power facilitiesAmazon strategised about keeping the public in the dark over the true extent of its datacentres’ water use, a leaked internal document reveals.The biggest owner of datacentres in the world, Amazon dwarfs competitors Microsoft and Google and is planning a huge increase in capacity as part of a push into artificial intelligence. The Seattle firm operates hundreds of active facilities, with many more in development despite concerns over how much water is being used to cool their vast arrays of circuitry.Amazon defends its approach and has taken steps to manage how efficient its water use is, but it has faced criticism over transparency. Microsoft and Google regularly publish figures for their water consumption, but Amazon has never publicly disclosed how much water its server farms consume

A picture

Saracens’ Noah Caluori called up by England for autumn internationals

Noah Caluori, the 19-year-old Saracens wing, has been named in England’s autumn internationals squad by Steve Borthwick.Caluori burst on to the Prem scene by scoring five tries against Sale on 18 October and, as England gear up for a busy November featuring four Tests, Borthwick has called up the uncapped youngster after initially inviting him to a training camp last week. The 36-player squad, including 19 forwards and 17 backs, gathered at Pennyhill Park in Surrey on Sunday night.Caluori made his second Prem start for Saracens in the defeat by table-topping Northampton on Friday. He had a considerably quieter night than the phenomenal display against Sale, and was given a severe defensive test by the Saints’ all-court attacking game

A picture

New York Jets legend Nick Mangold dies aged 41 while seeking kidney transplant

Nick Mangold, a hugely popular player during his 11-season career with the New York Jets, has died at the age of 41.Earlier this month, Mangold said he had been undergoing dialysis and needed a kidney transplant. He sought help from fans of the Jets and Ohio State, where he was a star in college.“In 2006, I was diagnosed with a genetic defect that has led to chronic kidney disease. After a rough summer, I’m undergoing dialysis as we look for a kidney transplant,” he wrote at the time