On Monday, White House officials announced that the Trump administration and China had reached an agreement on TikTok's continued operation in the US, CNN reports. 

This agreement concludes years of work that began during Donald Trump's first term as president.

US Treasury Secretary Scott Bessent said that a framework agreement had been reached and that Trump would hold talks with Chinese leader Xi Jinping on Friday to finalize the deal.

The Trump administration did not name the US-backed buyer, but the group is expected to be led by Oracle Executive Chairman Larry Ellison, who briefly became the world's richest man last week. In January, Trump said he would support his ally Ellison in the purchase of the app's US assets.

"We have been very focused on TikTok and have sought to ensure that this deal is fair to China and fully takes into account the interests of US national security, and that is the deal we have achieved. And, of course, we want to ensure that the Chinese have a fair, investment-friendly environment in the United States, but at the same time, US national security must always come first," said US Trade Representative Jamison Greer.

Trump has repeatedly extended the deadline he set for reaching an agreement with China on the sale of at least part of the American business TikTok to a US-backed owner.

A bipartisan bill passed by Congress and signed by former President Joe Biden banned TikTok in the United States on national security grounds. The app can continue to operate in the United States only if its Chinese owner divests its stake in the social network's American assets.