President Donald Trump and Chinese President Xi Jinping could "consummate" the TikTok deal announced last month when they meet on Thursday, Treasury Secretary Scott Bessent said.

The U.S. and China are set to "consummate" the deal this week in South Korea, Treasury Secretary Scott Bessent says.

President Donald Trump said the U. and China are set to "come away with" a trade deal, as he is expected to meet Chinese President Xi Jinping later this week in South Korea during his Asia tour.

After Tiktok challenged the law on First Amendment grounds, a unanimous ruling from the Supreme Court upheld the measure, finding merit in national security concerns centered on potential user data collection or content manipulation.

The U.S. government will collect a multibillion-dollar fee from the American investors who will take over TikTok. Some experts call the fee and other deals like it "extortion."

The United States will have control over TikTok’s algorithm in the acquisition of the social media platform’s US operations, White House press secretary Karoline Leavitt said on Saturday.

Trump is scheduled to meet Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea, the White House confirmed last week. The high-stakes trade talks come as both leaders attempt to avoid further escalation in the ongoing trade war between the world’s two largest economies.

Kevin O'Leary is urging that U.S.-based TikTok entrepreneurs receive a stake in the platform's planned $14 billion U.S. sale.