US and China Reach “Final Agreement” on TikTok Sale, Says Treasury Secretary

US Treasury Secretary Scott Bessent announced on Sunday that the details regarding the transfer of TikTok’s US operations to a new owner have been finalized between the US and China.

“We have reached a conclusive agreement regarding TikTok,” Bessent stated. said, during an appearance with Margaret Brennan on CBS’s Face the Nation. He referred to Donald Trump and China’s Xi Jinping, mentioning: “With discussions scheduled for Thursday in South Korea, the two leaders will convene in Madrid, and we believe all details have been finalized, which will complete the agreement.”

While Bessent did not share specifics of the transaction, he noted it is part of a larger trade deal framework that both nations will discuss when President Trump and President Xi Jinping meet in the coming days.

Bessent’s remarks followed President Trump’s signing of a presidential order on September 25th, which allowed for a new ownership agreement in the US involving a majority of US investors.

“I am not involved in the commercial details of this transaction,” Bessent remarked. “My focus was to secure approval from the Chinese side for the transaction, which I believe we have effectively achieved over the past two days.”


Barron Trump, President Trump’s 19-year-old son, proposed that the president nominate former social media producer Jack Advent as a director. President Trump has indicated that the new US investors include prominent conservative media figures like Rupert Murdoch and Larry Ellison.

During his first presidential term, Trump threatened to ban TikTok in 2020 in retaliation for China’s handling of the coronavirus pandemic.

Congress enacted a ban on the app during Trump’s administration, which was signed into law by Joe Biden in April 2024. The agreement was set to take effect on January 20, 2025, but was extended four times by Trump while his administration negotiated the ownership transfer.

The estimated value of this contract is $14 billion, with US and international investors expected to hold about 65% of the company’s shares, while ByteDance and Chinese investors will maintain less than 20%.

Trump’s Executive Order grants new investors, including six of the seven board seats, oversight of the app’s algorithms.

Trump arrived in Malaysia on Sunday to participate in the Association of Southeast Asian Nations summit as part of a five-day tour of the region, and a direct meeting between Trump and Xi is planned for Thursday.

The two leaders are expected to discuss U.S. agricultural exports, the trade balance, and issues related to the fentanyl crisis, which were cited as reasons for Trump’s 20% tariffs on Chinese imports.

Source: www.theguardian.com

China government dismisses allegations of hacking US Treasury | Cybercrime

The Chinese government has responded to allegations linking Chinese government-supported attackers to the recent cyber breach at the U.S. Treasury Department, dismissing the accusations as “baseless.”

The breach was carried out through a third-party cybersecurity service provider, according to a letter from the Treasury to lawmakers. The hackers were able to access keys used by vendors to bypass certain parts of the system.

The Treasury Department confirmed that the incident took place earlier in the month, allowing the attackers to remotely access the workstation and obtain some unclassified documents.

China refuted the claims on Tuesday, stating that it opposes all forms of hacker attacks and especially rejects the propagation of false information for political motives.

Speaking on behalf of the Foreign Ministry, Mao Ning said, “We have consistently refuted these unfounded accusations without supporting evidence.”

The Treasury Department reported the breach to the U.S. Cybersecurity and Infrastructure Security Agency after being informed by the third-party provider and is collaborating with law enforcement to assess the situation.

A department spokesperson stated, “The compromised services have been disabled, and there is no indication that the attackers continued to infiltrate Treasury systems or data.”

In a letter to the Senate Banking Committee leadership, the Treasury Department stated, “Based on available evidence, this incident appears to be the work of a Chinese state-sponsored Advanced Persistent Threat (APT) actor.”

APT refers to a cyber attack where an intruder gains unauthorized access to a target and remains undetected for an extended period.

The ministry did not disclose the extent of the impact of the breach but promised to provide further details in a subsequent report.

“The Treasury Department treats any threat to our nation’s systems and data with utmost seriousness,” the spokesperson emphasized.

Several countries, including the United States, have expressed concerns about Chinese government-supported hacking campaigns targeting their governments, militaries, and enterprises.

While the Chinese government has denied the allegations, it has previously stated that it opposes and cracks down on all forms of cyber attacks.

In September, the U.S. Department of Justice announced the neutralization of a global cyber attack network affecting 200,000 devices, allegedly operated by Chinese government-backed hackers.

In February, U.S. authorities revealed the dismantling of a hacker network called Bolt Typhoon that targeted critical public infrastructure at China’s direction.

In 2023, Microsoft disclosed that China-based hackers had infiltrated email accounts at numerous U.S. government agencies in search of intelligence information.

The hacker group “Storm-0558” breached the email accounts of around 25 organizations and government agencies, including the State Department and Commerce Secretary Gina Raimondo.

Source: www.theguardian.com