Trump’s TikTok pact fails : On Wednesday, President Donald Trump apparently reached an agreement to restructure TikTok’s business in the United States. According to people familiar with the negotiations, the goal was to spin out the app into a new US-based firm that would be mostly owned and run by American investors, with ByteDance holding a minority part.
Full information of Trump’s TikTok pact fails
However, the agreement collapsed as President Trump threatened reciprocal worldwide taxes, including against China. According to the news agency, executives from ByteDance notified the White House that China would not approve the arrangement unless trade and tariff issues were resolved.
The potential arrangement was spearheaded by Vice President JD Vance’s team, which collaborated extensively with ByteDance authorities and other potential investors. The Trump administration had expressed confidence that China would approve the deal, but the implementation of tariffs dashed hopes.
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Trump said on his social media platform
President Trump has extended the deadline for TikTok’s parent company, ByteDance, to sell its US business by 75 days. “My management has been working very hard on an agreement to SAVE TIKTOK, and we have made tremendous underway, Trump said on social media. “The Deal requires more work to ensure that all necessary permits are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days.”
Trump’s delay of the ban is the second time he has temporarily halted the 2024 rule that would have banned the popular social video app after the deadline for ByteDance to divest expired. That bill was passed with bipartisan support in Congress and affirmed unanimously by the Supreme Court, which ruled that the prohibition was vital for national security.
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