TikTok sale stalls as China waits for grand deal
The sale of TikTok, owned by China-based company ByteDance, is being delayed as the company waits for approval from the Chinese government, News.Az reports citing Investing.
This comes amid a race by allies of President Donald Trump to facilitate the sale of the app to an American entity, according to anonymous sources familiar with the discussions.
The Chinese government appears to be leaning towards a hard-line stance, potentially allowing TikTok's U.S. operations to cease rather than approving a sale. This move is seen as part of a strategy to negotiate a larger "grand deal" with the Trump administration, which would involve significant concessions on trade and technology policy.
This development comes at a time of heightened tension between the U.S. and China, which has escalated into a trade war. This week, President Trump utilized emergency economic powers to impose broad tariffs on Chinese imports. In response, Beijing imposed its own restrictions, which included limits on the export of minerals used in the production of high-tech products and initiating an antitrust investigation into Google (NASDAQ:GOOGL).
Similar news
