U.S. President Donald Trump indicated that trade talks with China are on the verge of a breakthrough, suggesting a possible extension of the tariff truce between the two nations. The TikTok sale has become a pivotal issue in the negotiations, marking a new chapter in U.S.-China trade relations.
During a joint press briefing with UK Prime Minister Keir Starmer in Buckinghamshire on Thursday, Trump stated, “We are very close to reaching an agreement with China.” He added, “We might extend the tariff suspension, but it will be based on our current terms.” The U.S. and China had previously agreed to reduce tariffs by 115 percentage points each during their first negotiations in Geneva in May, with subsequent 90-day extensions. Although the current agreement is set to lapse on November 10, Trump suggested an extension is possible even if negotiations are not finalized.
Regarding the TikTok issue, Trump declared, “The U.S. will receive a substantial additional fee. I call this the deal-closing fee.” Both nations have tentatively agreed that a U.S. company will acquire a majority stake in TikTok, which is currently owned by China’s ByteDance. A final decision was expected during a call between Trump and Chinese President Xi Jinping on Friday. To facilitate this, Trump signed an executive order on Tuesday, delaying the TikTok ban deadline to December 16.
Foreign media reports suggest that a consortium of U.S. investors, including Oracle, is likely to form a new entity to take over TikTok’s U.S. operations, holding approximately 80% of the shares. The company would be managed by an American-led board, including one member appointed by the U.S. government.
Trump emphasized, “All investors will be American. Very reputable and law-abiding companies that love America will own TikTok.”
