Technology company Oracle is among a consortium of firms that would enable TikTok to continue operations in the U.S. if a framework deal between the United States and China is finalized, sources with knowledge of the negotiations tell CBS News.
The precise structure of the final deal was unclear Monday night, but will include multiple companies, the sources said. It’s not clear what level of involvement Chinese firms — including TikTok’s current parent company ByteDance — will have in the deal, and who will control TikTok’s powerful recommendation algorithm. Presidents Trump and Xi are expected to talk on Friday.
Attempts to reach Oracle executives and a White House spokesperson were unsuccessful. A TikTok spokesperson declined to comment.
“The commercial terms have been agreed upon,” Treasury Secretary Scott Bessent said Monday in Madrid after meetings with Chinese officials on a range of issues, including TikTok.
Li Chenggang, a Chinese vice minister of commerce, also said after the meetings, “China will firmly safeguard the national interests, the legitimate rights and interests of Chinese enterprises, and carry out technology export approval in accordance with relevant laws and regulations.”
The Chinese Embassy in Washington had not responded to a request for comment at the time of publication.
Mr. Trump was circumspect about a deal with reporters in the Oval Office on Monday. “We may let it die, or we may, I don’t know, it depends. Up to China. It doesn’t matter too much. I’d like to do it for the kids. They like it.”
Last year, Congress passed and former President Joe Biden signed a bill that essentially gave TikTok’s China-based parent company, ByteDance, an ultimatum: either divest from TikTok or face a ban in the U.S. The Supreme Court upheld the law in a unanimous 9-0 decision. But Mr. Trump has issued a series of orders unilaterally delaying its enforcement. The latest came in June, when he pushed back the deadline for enforcing the measure until Sept. 17.
The president’s orders have directed the Justice Department not to take action or impose penalties against tech companies like Apple and Google for failing to comply with the law by allowing TikTok on their platforms.
Caitlin Yilek and
Melissa Quinn
contributed to this report.