TikTok will retain "Chinese characteristics" after sale, Bessent says

• It appears the new deal may not remove that influence altogether.

Driving the news: Bessent, in Madrid for trade talks with his Chinese counterparts, told Reuters and Bloomberg that the broad outlines of a deal were in place, particularly once it became clear the U.S. might go ahead with a ban on Wednesday.

• Reuters quoted Bessent as saying the commercial side of the deal will preserve the app's "Chinese characteristics," though he did not elaborate.
• "They're interested in Chinese characteristics of the app, which they think are soft power," Bessent reportedly said. "We don't care about Chinese characteristics. We care about national security."

Zoom out: President Trump — who became a fan of TikTok during the 2024 campaign for the reach it gave him with young voters — has signed multiple executive orders delaying a ban on the app while a sale was negotiated.

• Early Monday morning, U.S. officials said the Chinese came to the Madrid talks with a list of demands. Soon thereafter, fresh reports indicated the U.S. was prepared to let the app go dark this week.

• Those threats, Bessent said, were the key to finally making a deal.

What to watch: Trump said early Monday he is due to discuss the deal with Chinese leader Xi Jinping on Friday.