Jeffrey Yass, a GOP megadonor, is also a major investor in ByteDance, TikTok's parent company, and he could benefit from a deal to keep the social media app in the United States.

In a video posted to TikTok Monday morning, President Donald Trump said that young Americans who use TikTok "owe" him following the announcement and signing of a new executive order that allows the popular video-sharing platform to continue operating in the United States under restructured ownership.

Treasury Secretary Scott Bessent made it clear how excited his boss is about saving TikTok. During an interview on CBS’ Face the Nation, Bessent, 63, told Margaret Brennan that Donald Trump is finalizing a deal with President Xi Jinping to keep the Chinese-owned social media platform operating in the United States.

US President Donald Trump will meet Xi Jinping on Thursday amid growing optimism about a trade deal. The interaction comes days after top leaders from both countries met on the sidelines of the ASEAN Summit — ironing out the framework for a trade agreement.

Xi meeting approaches, former national security officials say the president has made trade concessions that aid him politically.

President Donald Trump and Chinese President Xi Jinping held high-stakes talks at the APEC summit in South Korea amid ongoing trade disputes over soybeans and rare earths.

Treasury Secretary Scott Bessent expects major progress on both trade negotiations and a TikTok deal when Trump meets Xi in Korea next week.