The Trump administration has been signaling that it may have finally reached a deal with China to keep TikTok running in the U.S., with the two countries finalizing it as soon as Thursday. President Donald Trump is visiting South Korea, where he will meet with Chinese President Xi Jinping to try to de-escalate a trade war.

Treasury Secretary Scott Bessent said during a CBS interview that Presidents Donald Trump and Xi Jinping will likely approve a TikTok sale on Oct. 30.

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 Trump administration is finalizing a deal with China to keep TikTok operational in the US. Despite extensive legal and political challenges, a resolution may soon be announced, amid ongoing debates about data privacy and user security.

This comes about a month after President Donald Trump signed an executive order declaring that the new TikTok deal met the requirements of the 2024 law that banned TikTok from operating in the U.S. At the time, Vice President JD Vance said the deal values the U.S. TikTok assets at $14 billion, as Deadline reported.

Lawmakers have long opposed TikTok’s algorithm because the app’s parent company, ByteDance, has ties to the Chinese Communist Party.

"All the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea," said US Treasury Secretary Scott Bessent.