TikTok Big Update: Is US planning to lift ban on short-video platform? Donald Trump to meet Xi Jinping, US President plans to…

New Delhi: A major deal over TikTok is reportedly about to take place between the United States and China. To recall, Doland Trump had given TikTok a deadline until September 17. However, as the deadline approaches, an agreement on popular short-video platform TikTok is likely, which would allow the platform to continue operating in the US. Delegations between both China and the United States have reached a consensus, according to the reports. Now, it is up to President Doland Trump to give the final approval.

US Treasury Secretary Scott Bessent, after trade talks in Spain, said that a draft agreement has been reached between China and the US regarding the ownership of TikTok. US President Doland Trump and Chinese Premier Xi Jinping will hold discussions on Friday to finalize the deal. The meeting comes after the conclusion of the first phase of trade talks in Madrid between the world’s two largest economies.

US Treasury Secretary Scott Bessent Issues Statement:

US Treasury Secretary Scott Bessent said, “We will not talk about the commercial terms of the deal. That is between two private parties. But the commercial terms have been agreed upon.” To recall, Doland Trump had earlier, in a post on a social media site said that the meeting between US and Chinese officials went well and that a deal had been reached regarding a “special company” that many of the young people in the country very much wanted to save.

On Monday, President Trump said that the meeting between US and Chinese officials went well and that a deal had been reached regarding a “special company” that many of the young people in the country very much wanted to save.

All You Need to Know About TikTok:

• TikTok is one of more than 100 apps developed by ByteDance over the past decade.
• ByteDance is a technology company founded in 2012 by Chinese entrepreneur Zhang Yiming, with its headquarters located in Beijing’s northwestern Haidian district.
• In 2016, ByteDance launched a short-form video platform in China called Douyin, and later introduced an international version under the name TikTok.
• It acquired the popular lip-syncing platform Musical.ly in the U.S. and Europe, merging it with TikTok
• During the COVID-19 pandemic lockdowns, TikTok gained massive popularity, becoming a central hub for viral short dance videos.

Along with TikTok’s success came challenges. US officials raised concerns over the company’s roots and ownership, citing Chinese laws that require companies to hand over data to the government upon request.