President Donald Trump announced Friday that the U.S. will begin talks with China early next week over a potential deal involving the video-sharing app TikTok.
Trump told reporters that discussions could start as soon as Monday or Tuesday and may include Chinese President Xi Jinping or his representatives.
“We pretty much have a deal,” Trump said, while indicating that Chinese approval is still needed.
The president added that China will likely need to approve any agreement involving TikTok, which is owned by Beijing-based ByteDance.
The platform has faced ongoing scrutiny over national security concerns.
Trump made the announcement shortly after a report said a buyer had been identified for TikTok’s U.S. operations, the New York Post reported.
However, the main obstacle remains getting China’s agreement to sell.
Sources familiar with the matter said TikTok is being used as leverage in the broader U.S.-China trade talks. Beijing reportedly views TikTok as a bargaining chip, knowing Trump wants to keep the app operating in the U.S.
According to the sources, there will be no sale of TikTok to American investors until China secures favorable terms in trade negotiations. ByteDance must divest its U.S. operations to comply with a law passed by Congress.