US President Donald Trump has extended the deadline for Chinese company ByteDance to sell its American division TikTok, or the popular app will be banned. He announced this on his social network Truth Social.
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“The agreement requires additional work to ensure all necessary approvals are signed, so I am signing an Executive Order to keep TikTok operational for an additional 75 days,” Trump wrote.
In addition, the US President expressed hope for further good-faith cooperation with China, which, according to him, is not very happy with the mutual tariffs.
China suspends talks on deal
The Chinese government has suspended work on a deal with the United States to sell the American division of the social network TikTok in response to Donald Trump's announcement of large-scale customs tariffs on goods from other countries, Reuters reported, citing its sources.
The structure of the deal, which had been largely finalized by Wednesday, would have split TikTok's U.S. operations into a new U.S.-based company that would be majority-owned and operated by U.S. investors, with ByteDance holding less than 20%, according to one of the people.
The agreement was approved by existing investors, new investors, ByteDance and the US government, the source noted.
ByteDance said early Saturday that disagreements over the agreement remained.
“We are still negotiating with the US government, but no agreement has been reached and both sides have disagreements on many key issues,” the company said in a statement on its official account on Chinese social media platform WeChat.
It is worth noting that the number of TikTok users in the United States is 170 million.
Let us recall
“Ministry of Finance” wrote that Donald Trump announced the introduction of duties on all goods imported from abroad. The Republican announced this on Wednesday, April 2, at a press conference in the White House garden. The basic tariff will be 10%, but for many countries it turned out to be higher. Duties on goods from China will be 34%.
China said it would impose an additional 34% tariff on American imports from April 10.
Trump called China's decision to impose 34% tariffs on American imports a big mistake.
“China made a mistake. They panicked, which is the one thing they can't afford to do,” the US president said. In his opinion, Beijing rushed into this move, losing its strategic restraint.
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