US president Donald Trump announced his intention to meet Chinese Premier Xi Jinping in South Korea next month following a productive phone call, during which Xi approved a deal for TikTok's US operations. Trump expressed appreciation for Xi's approval, noting that he plans to visit China next year after their meeting.
TikTok, owned by Chinese company ByteDance, had faced pressure to divest its US operations or face a potential ban. Despite this, Trump postponed the ban multiple times and recently extended the deadline to December.
In his Truth Social post, Trump highlighted that progress was made on trade issues, with the meeting scheduled to coincide with the Asia-Pacific Economic Cooperation summit at the end of October. Following the summit, Trump expressed hopes for a visit to China and reciprocation from Xi with a trip to the US.
Details of the TikTok agreement remain unclear, but reports suggest it will involve US firms—including Oracle—working with TikTok while utilizing algorithms licensed from ByteDance. Chinese state media welcomed this negotiation process, emphasizing the importance of a fair business environment for Chinese firms in the US.
Trump, alongside UK Prime Minister Sir Keir Starmer, portrayed TikTok as a platform with immense value for the US, highlighting the caliber of investors involved in the deal. However, concerns persist among US lawmakers about ongoing ties between ByteDance and the Chinese Communist Party (CCP).
The upcoming meeting marks the second conversation between the two leaders this year, with previous discussions focusing on issues such as China's export of rare earth minerals. Recent dialogues between US and Chinese officials have moderated tensions, delaying potential trade restrictions despite ongoing concerns surrounding technological exports and agricultural imports.
