TikTok’s future in the U.S. is on more solid ground. President Donald Trump and Chinese President Xi Jinping advanced a plan that is understood to hand control of the app’s American business to U.S. investors while shrinking Chinese parent company ByteDance’s ownership.

There’s been a debate in Washington in recent weeks over whether China is outplaying the U.S. on a range of negotiations. The answer is looking increasingly to be “yes,” Phelim and colleagues Megan Messerly and Daniel Desrochers reported Thursday.

C hina and the US have “made progress” on granting permission for ByteDance to sell TikTok to an American consortium, fulfilling a nine-months-overdue legal requirement. After

Investment bankers advising on a typical deal receive fees of less than 1% of the transaction value, and the percentage generally gets smaller as the deal size increases. TikTok’s U.S. operations could be worth many billions of dollars depending on the final outcome of the deal. Still, a fee in the billions of dollars would be unprecedented.

Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Alexandra Levine assesses the key issues in a potential deal between the US and China to keep TikTok available to Americans.

President Donald Trump formally extended the deadline to keep the social media app TikTok available in the United States until Dec. 16