WASHINGTON — President Donald Trump announced on Wednesday that he plans to discuss a potential deal involving the video-sharing app TikTok with Chinese President Xi Jinping on Friday.
Trump said the conversation will focus on resolving the ongoing dispute over the app, which is owned by Beijing-based technology firm ByteDance.
U.S. officials have raised concerns that TikTok could pose national security risks due to the potential transfer of American user data to the Chinese government.
In August, Trump issued an executive order requiring ByteDance to divest its U.S. operations. The order cited national security threats and mandated the sale of TikTok’s American assets.
A proposed deal followed, involving Oracle and Walmart. Under the terms, the two companies would take minority stakes in a new entity, TikTok Global, which would manage U.S. operations and store American user data.
Oracle would oversee cloud infrastructure as TikTok’s “trusted technology partner,” while Walmart would assist in expanding the app’s e-commerce capabilities.
Trump initially approved the deal, but it has since faced delays and further scrutiny from the Committee on Foreign Investment in the United States (CFIUS), which reviews foreign transactions for security risks.
Trump stated on Wednesday that progress has been made, though the deal remains incomplete. Oracle and Walmart have both reaffirmed interest in the arrangement.
China has opposed the forced sale, criticizing the U.S. order as coercive and warning of possible retaliatory measures. Chinese officials have called for fair treatment of domestic companies operating abroad.
Trump did not disclose specific terms of the proposed deal or a timeline for its resolution. The Chinese government has not confirmed Xi’s participation in the planned conversation.