In April, a deal that would have transferred majority control of TikTok’s US operations to American ownership was nearly finalized. But it fell apart after Trump announced additional tariffs on China, forcing the president to announce another 75-day delay to keep the app operational in the United States.
“There are key matters to be resolved. Any agreement will be subject to approval under Chinese law,” TikTok parent company ByteDance said after Trump’s tariff policy stalled progress on the deal in April.
That pause was set to expire on June 19, before Trump’s Thursday executive order. .
Trump’s latest enforcement delay raises questions about the status of a deal that could secure TikTok’s long-term future in the United States. The Chinese government has offered little public indication that it would be willing to approve a sale beyond suggesting that any deal could not include TikTok’s “algorithm,” which has been called the app’s secret sauce.
In a statement on Thursday, TikTok indicated that it is still in talks with the office of Vice President JD Vance — who Trump appointed to oversee the effort — on a deal that would secure the popular short-form video platform’s future in the United States.
“We are grateful for President Trump’s leadership and support in ensuring that TikTok continues to be available for more than 170 million American users and 7.5 million U.S. businesses that rely on the platform as we continue to work with Vice President Vance’s Office,” TikTok said in a statement.
The new extension comes after the United States and China agreed on a framework to ease export controls, a move that’s expected to ease tensions and prevent further escalation of export and other restrictions between the two countries. It’s not clear whether a TikTok deal is included in the framework, but cooperation between the two sides could make an agreement to transfer control of the app to a US buyer more likely.
Earlier on Tuesday, Trump told reporters that a TikTok deal would “probably” require approval by the Chinese government and said, “I think we’ll get it.”
“I think President Xi will ultimately approve it, yes,” the US president added.
The deal that had been in the making earlier this year would have involved several American venture capital funds, private equity firms and tech giants investing in a company that would control TikTok’s US operations. TikTok’s China-based owner, ByteDance, would have retained a 20% stake in the spinoff company — a key stipulation of the law.
Several other high-profile bidders had also put their hands up to acquire the platform, including a group led by billionaire Frank McCourt and “Shark Tank”-famous investor Kevin O’Leary, Amazon, AI firm Perplexity and a separate group of investors that included YouTube and TikTok star Jimmy Donaldson, known online as MrBeast.
It was Trump who first tried to ban TikTok during his previous administration, but he has said he changed his mind after he “got to use it.” TikTok CEO Shou Chew attended Trump’s inauguration, seated on stage alongside Cabinet secretaries and other tech CEOs.
