All details of agreement have been settled ahead of summit in South Korea, says Scott Bessent

US Treasury Secretary Scott Bessent said Sunday that a deal on TikTok is expected to be finalized during a meeting this week between US President Donald Trump and Chinese President Xi Jinping.

"We reached a final deal on TikTok. We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in (South) Korea," Bessent said in an interview on the program Face the Nation with Margaret Brennan.

Regarding the details of the deal, Bessent said he is "not part of the commercial side of the transaction."

"My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days," he said.

Top officials from China and the US reconvened Sunday for a second day of trade talks in Malaysia as Trump began a three-nation Asia tour, during which he will meet with the Chinese president on Oct. 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea.

Trump signed an executive order last month allowing TikTok to operate in the US under a new corporate structure with American investors, though the deal?s details remain undisclosed. (AA)

Update news