Trump says 'tremedous progress' is being made
of ConsumerAffairs-
President Trump extends TikToks U.S. deadline by 75 days, citing tremendous progress in talks to save the app from a national ban.
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A finalized deal to localize TikTok under U.S. ownership was derailed after Trumps latest tariff hike on China.
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ByteDance says key issues remain unresolved, and any agreement must receive Chinese government approval.
President Trump on Friday announced a 75-day extension for TikTok to remain operational in the United States, delaying a potential ban on the wildly popular video app while talks continue on a deal to bring its U.S. operations under American control.
In a post on Truth Social, Trump said his administration was making tremendous progress and emphasized that it does not want TikTok to go dark. He added that officials are working closely with Chinese counterparts to reach a resolution.
Behind the scenes, a deal had reportedly been finalized earlier this week, according to two sources familiar with the matter. The plan would have spun off TikToks U.S. operations into a new, American-owned company, with majority control by U.S. investors and a minority stake retained by ByteDance, TikToks Chinese parent company.
Derailed by tariffs
However, those plans were derailed Thursday after Trump announced a 34% increase in tariffs on Chinese goods, part of a broader push for reciprocal trade policies. In response, ByteDance informed the White House that Beijing would not approve the deal under current conditions, stalling the agreement.
In a rare public statement, ByteDance confirmed it had been in discussions with Washington over a potential solution but said key matters remain to be resolved and any final agreement would require approval under Chinese law.
Trump hinted that his tariff policy is being used as leverage in the negotiations, calling tariffs the most powerful Economic tool and crucial to our National Security.
The reprieve provides temporary relief for TikToks millions of U.S. users and creators, but the platforms future remains uncertain as geopolitical tensions between Washington and Beijing once again take center stage.
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Posted: 2025-04-07 02:38:17
