Speaking to CBS News’ Margaret Brennan during an episode of “Face the Nation,” Bessent conveyed optimism, stating that the U.S. has effectively reached a conclusive arrangement. “We reached one in Madrid,” Bessent remarked, highlighting the progress made during recent negotiations. “As of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.”

Despite the excitement, Bessent refrained from delving into the specifics of the agreement. However, he assured that an official announcement detailing the finalized deal is slated for Thursday, offering a sense of anticipation and speculation about the future direction of TikTok’s operations in the U.S.

“We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea,” Bessent said. 

The U.S. Treasury secretary did not elaborate on the details of the finalized deal, but an official announcement is expected on Thursday. 

The news comes a month after President Donald Trump signed an executive order that outlined a deal to keep the social media platform operating in the U.S. under a new corporate structure with American investors. 

It is unknown whether the final deal Bessent announced contains similar agreements. 

Chinese and U.S. officials have until Dec. 16 to hash out the details, following the Trump administration’s latest deadline extension.

TikTok is a hugely popular app currently owned by a Chinese company, ByteDance. American officials have warned that the algorithm TikTok uses to shape what users see is vulnerable to manipulation by Chinese authorities, who can use it to push content on the platform in a way that’s difficult to detect.

Congress passed legislation calling for a TikTok ban to go into effect in January, but Trump has repeatedly signed orders that have allowed TikTok to keep operating in the United States as his administration tries to reach an agreement for the social media company’s parent company to sell its U.S. operations.

The Associated Press contributed to this report.