Donald Trump announced his intention to sign an executive order extending the Tiktok ban period. This marks the second time the president has postponed the ban or sale of social media apps, pushing the deadline back by 75 days.
Trump shared on his Truth Social platform that the Tiktok transaction requires further attention to secure all necessary approvals.
Tiktok’s parent company responded to the executive order by stating that discussions with the US government are ongoing regarding potential solutions for Tiktok America. No agreement has been reached yet, as there are critical issues that need resolution.
China has put potential deals on hold following Trump’s announcement of significant tariffs this week.
A law passed by Congress last year mandated Tiktok to sell its assets in the US due to concerns that the Chinese owner could manipulate American users. The initial deadline for the app’s ban or sale was January 19th, but was postponed to mid-June after Trump’s executive order in April.
Recent reports suggest that potential buyers, including Oracle, Blackstone, Amazon, Walmart, and others, are in talks to acquire Tiktok. The app, with 170 million users in the US, presents a lucrative opportunity for investors and businesses.
Bytedance has stated that there are no plans to sell Tiktok and has called the sale impossible for various reasons.
Trump hinted at using tariffs as leverage in negotiations with China over Tiktok’s sale, suggesting that reducing tariffs could be considered if the deal goes through.
Trump emphasized his desire to work with China in good faith and expressed optimism about reaching a resolution with Tiktok, urging attention to the ongoing negotiations.
Source: www.theguardian.com