US President Donald Trump said on Tuesday that the United States and China have reached an agreement that will keep the short-video app TikTok operating in the United States and transfer its US assets from Chinese company ByteDance to American owners, potentially ending a nearly year-long standoff.The agreement on the popular social media app, which has 170 million American users, represents a major breakthrough in months-long talks between the world’s two largest economies, which are seeking to defuse a wide-ranging trade war that has unsettled global markets.”We have a deal on TikTok… We have a group of great companies that want to buy it,” Trump said Tuesday, without providing details of the agreement.Trump praised the agreement reached with China, describing it as a development in relations between the two countries, and said it would preserve economic value worth tens of billions of dollars.”The kids want it so badly that their parents call me,” Trump said. “They don’t want it for themselves, they want it for their kids.”Any deal would require approval from the Republican-controlled Congress, which passed a law in 2024 requiring the app to sell its US operations out of concern that the Chinese government would access data on American TikTok users, allowing Beijing to spy on Americans or conduct influence operations through the app.The Trump administration has repeatedly refused to implement a law requiring the app to shut down, fearing it would anger millions of its users and disrupt political communication.Trump has praised the app for helping him win last year’s presidential election. Trump’s personal account has 15 million followers. The White House launched an official TikTok account last month.CNBC reported on Tuesday that the deal is expected to close within 30 to 45 days, and that the agreement will include existing investors in ByteDance, TikTok’s parent company based in China, as well as new investors. Reuters was unable to independently verify these reports.Officials from both countries reached a framework agreement on Monday, a major achievement after months of intensive negotiations. The White House participated at an unprecedented level, closely monitoring the progress of the agreement.Amid escalating trade tensions, US and Chinese delegations discussed divestment amid deeper disagreements over tariffs and technology export controls.Final confirmation of the agreement is expected on Friday in a phone call between Trump and Chinese President Xi Jinping.Several interested parties, including former Los Angeles Dodgers owner Frank McCourt and Amazon, as well as a startup run by the founder of OnlyFans, have expressed interest in the fast-growing business, which analysts estimate could be worth as much as $50 billion