Washington and Beijing have reached an agreement to allow TikTok to continue operating in the United States, President Donald Trump announced on Tuesday. This marks a sort of resolution to the tumultuous issue that has dragged on for about a year.

According to three sources familiar with the matter, the terms of this agreement mirror those discussed earlier this year. It stipulates that TikTok's American assets must be transferred from its Chinese parent company, ByteDance, to American ownership.

The deal encompasses TikTok's 170 million American users. Following several months of negotiations between the world's two largest economies, this agreement seeks to mitigate the trade conflict that has rattled global markets. Speaking to reporters at the White House, Trump stated, "We have a deal on TikTok. A group of very big companies wants to buy it." However, he refused to share any specific details.BULLMER Striped Textured Printed Polo Neck Fullsleeve T-Shirt with Rib for Men

The announcement comes just one day before the September 17 deadline, which required TikTok to sell its US operations or face shutdown. Subsequently, the White House extended that deadline to December 16, granting ByteDance an additional 90 days to finalize the complex transfer of TikTok's American assets to US ownership.Also Read: Government Delay in Guest Lecturer Appointments: AIDSO Karnataka State Committee Calls for Class Boycott

Trump had previously disclosed that his administration was in talks with four separate groups regarding the TikTok sale. Bids have reportedly been submitted by Microsoft, Amazon, billionaire Frank McCourt, and a consortium led by OnlyFans' founders.