China's TikTok Ban Sparks US Turmoil as Trump Extends Deadline
Trump's Tariff Hike Pushes Back TikTok US Deal as China Opposes Sale, Extending Deadline for ByteDance
The ongoing drama surrounding TikTok's potential US sale has taken another turn, with China's opposition to the deal reportedly pushing back the process. The development comes as a result of the Trump administration's recent tariff hike on Chinese goods, which has sparked concerns among Beijing officials.
As previously reported, ByteDance, the parent company of TikTok, had been in talks to sell a majority stake in the popular social media platform to Oracle and Walmart. However, the deal has hit a snag, with China's government reportedly opposing the sale.
According to sources, China's opposition to the deal stems from concerns over national security and the potential implications for Chinese technology companies operating in the US. The country's government is said to be wary of the Trump administration's ability to approve or reject the deal, given the current trade tensions between the two nations.
The tariff hike, which went into effect on April 10, is said to have played a significant role in China's decision to oppose the sale. The move has sparked concerns among Chinese officials, who fear that the tariffs could have a significant impact on their country's economy.
As a result of China's opposition, the deadline for ByteDance to complete the sale has been extended. The company had previously been given a 45-day deadline to complete the transaction, but that deadline has now been pushed back indefinitely.
The development is likely to be met with frustration by the Trump administration, which had been pushing for a swift resolution to the deal. The administration had seen the sale as a way to address national security concerns surrounding TikTok's operations in the US.
The ongoing saga surrounding TikTok's potential US sale is a complex one, with multiple stakeholders and interests at play. As the situation continues to unfold, it remains to be seen how the deal will ultimately be resolved.