President Trump's initiative to sell TikTok, moving ownership from Chinese firm ByteDance to a US investor group, was destabilized by his announcement of tariffs on China. An executive order was on the verge of being signed, extending the deal's deadline by four months. The arrangement aimed to align with divestment legislation addressing national security concerns. However, increased tariffs prompted ByteDance representatives to retract from the sale, emphasizing the complexities of intertwining trade policies and technology ownership amid global tensions.
President Trump's plan to secure a US buyer for TikTok was "finalized" earlier this week - before his announcement of global tariffs scrapped the deal, a source familiar with the talks told The Post.
By Wednesday, Trump officials had worked out an arrangement for Trump to sign an executive order authorizing the sale of the social media app from its Chinese parent company ByteDance to a company majority-owned by US investors.
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