President Donald Trump stated that a deal regarding TikTok is nearly finalized, with the resulting company to be controlled entirely by American investors, as reported by Yahoo Finance. The President, speaking from the United Kingdom, expressed confidence in reaching a broader agreement with China, mentioning that the two nations are “pretty close to a deal” on a larger scale. A highly anticipated call between President Trump and Chinese President Xi Jinping is scheduled for Friday morning.

Read also: The TikTok Supply Chain: How Viral Fashion Trends Create Global Logistics Surges

Chinese state media confirmed a framework agreement had been reached, noting a consensus for the continued operation of Chinese enterprises, including TikTok, in the U.S. A central point of negotiation remains the fate of the Chinese-controlled algorithm that powers the app. Reports indicate a consortium including Oracle (ORCL), Andreessen Horowitz, and Silver Lake Management will lead the new U.S.-based entity.

According to data from the IndexBox platform, current tariff rates stand at 30% on Chinese imports and 10% on American goods, with sector-specific duties on items like steel pushing effective rates higher. President Trump indicated a potential extension of the current tariff pause, which is set to expire in early November, under the existing terms. The call will also likely address recent actions by Chinese authorities against chipmaker Nvidia (NVDA), which has raised concerns over its plans for new chip sales in China.

Source: IndexBox Market Intelligence Platform