Trump: ‘Very wealthy' group lined up to buy TikTok, deal could need Xi Jinping's nod
'We have a buyer for TikTok, by the way,' Trump said in an interview on Fox's Sunday Morning Futures with Maria Bartiromo.
'Very wealthy people. It's a group of wealthy people,' the president said, without revealing more except to say he would make their identities known 'in about two weeks.'
The president also said he would likely need 'China approval' for the sale, 'and I think President Xi (Jinping) will probably do it.'
TikTok is owned by China-based internet company ByteDance.
A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before Trump's inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.
In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States.
Tech experts quickly described the TikTok kerfuffle as a symbol of the heated US-China tech rivalry.
While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform — which boasts almost two billion global users — after coming to believe it helped him win young voters' support in the November election.
'I have a little warm spot in my heart for TikTok,' Trump told NBC News in early May. 'If it needs an extension, I would be willing to give it an extension.'
Now after two extensions pushed the deadline to June 19, Trump has extended it for a third time.
He said in May that a group of purchasers was ready to pay ByteDance 'a lot of money' for TikTok's US operations.
The previous month he said China would have agreed to a deal on the sale of TikTok if it were not for a dispute over Trump's tariffs on Beijing.
ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be 'subject to approval under Chinese law.' — AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Most Asian stocks rise, currencies steady ahead of Jackson Hole summit
Most Asian equities climbed on Thursday, led by Taiwan and South Korea, while regional currencies held steady as investors looked forward to the U.S. Federal Reserve's annual Jackson Hole symposium for clarity on economic outlook and policy direction. Taiwan and South Korea stocks rebounded, climbing 1.5% and more than 1.2% respectively, after sharp declines in the previous session, as a Wall Street tech selloff dragged Asian benchmarks lower. Elsewhere, most equities advanced with the Malaysian benchmark rising 0.5% to touch a six-month high. Shares in Singapore edged up 0.2%. Investors are now focused on the Fed's three-day annual symposium in Jackson Hole, which commences later in the day. While the event will draw central bankers from around the world, the spotlight is on Fed Chair Jerome Powell's speech on Friday for signals on the likelihood of a September interest rate cut. Separately, minutes from the U.S. central bank's July meeting showed that only two Fed policymakers supported a rate cut, while the rest favoured maintaining a status quo. Meanwhile, markets grew uneasy over the Fed's independence after U.S. President Donald Trump called on Fed Governor Lisa Cook to resign, citing mortgage-related allegations raised by one of his political allies. Trump has also repeatedly criticised Powell for moving too slowly on rate cuts, heightening investor unease about the Fed's independence and credibility. The dollar slipped briefly following the news, before steadying in Asian trade, leaving regional currency markets largely subdued. The South Korean won and the Thai baht both slipped 0.1%, while the Philippine peso and the Malaysian ringgit firmed 0.2% and 0.1%, each. The Taiwan dollar was the sole outlier among currencies and slumped 0.6% to hit its lowest level since May 5. The Indonesian rupiah edged 0.1% lower, while stocks were down 0.5%. The country's central bank on Wednesday cut interest rates in a surprise move and flagged it could reduce them some more this year. "We believe that the Indonesian budget, coupled with a broadly softening economic environment, supports a continued easing bias," said Omar Slim, co-head of Asia, ex-Japan, fixed income at PineBridge Investments. HIGHLIGHTS: ** Indonesia's second-quarter current account deficit widens to 0.8% of GDP ** BOJ to raise interest rates again in fourth quarter, possibly in October, say economists - Reuters
The Star
2 hours ago
- The Star
Rubber glove exports reach RM6bil with US as top market, says minister
KUALA LUMPUR: Rubber glove exports exceeded RM6bil between January and May this year, says Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. Rubber glove exports totalled RM15.4bil last year, with 40% or RM6.1bil of the exports going to the United States. This was followed by the European Union at 21%, Japan at 6%, and China at 4%. The remainder was exported to more than 160 countries worldwide. "If we look at this year's figures, the United States remains our primary market making up 46% of our rubber glove exports. "This shows that although we rely heavily on the United States market, Malaysia still exports to other global markets," he said in his winding up speech on the 13th Malaysia Plan in the Dewan Rakyat on Thursday (Aug 21). Regarding tariffs, Malaysia faces a 19% tariff imposed by the United States, the same rate as Thailand. China faces a 55% tariff. "In this context, we are still remaining competitive and the current conditions give us a slight advantage over our closest competitors," he said. He added that Malaysia also controls about 40% of the rubber glove market as compared to China and Thailand. "We also continue to remain as the first choice when people intend to buy rubber gloves, due to our quality," he said. Malaysia faces a 19% tariff on exports to the United States, reduced from the previous 25%, under an executive order signed by US President Donald Trump. Signed on July 31, 2025, the order amends Executive Order 14257 and imposes revised ad valorem duties on multiple trading partners, including all major Asean nations. Under the latest tariff list, Malaysia, Thailand, Indonesia, the Philippines, and Cambodia each face a 19% rate. Vietnam faces a 20% tariff, while Brunei is listed at 25%. Laos and Myanmar are hit with the highest rate at 40%. Singapore is not included in the latest round of adjustments.
New Straits Times
3 hours ago
- New Straits Times
India test-fires nuclear-capable ballistic missile
NEW DELHI: India said Wednesday it had successfully test-fired an intermediate-range ballistic missile which, when operational, should be capable of carrying a nuclear warhead to any part of China. The Agni-5 missile was successfully launched in India's eastern Odisha state, with authorities saying it "validated all operational and technical parameters." India and China, the world's two most populous nations, are intense rivals competing for influence across South Asia and relations plummeted in 2020 after a deadly border clash. India is also part of the Quad security alliance with the United States, Australia and Japan, which is seen as a counter to China. India's bitter rival Pakistan has nuclear weapons as well and the two countries came to close to war in May after militants killed 26 people in Indian-administered Kashmir, an attack New Delhi blamed on Islamabad. But Pakistan denied any involvement. Caught in global trade and geopolitical turbulence triggered by US President Donald Trump's tariff war, Delhi and Beijing have moved to mend ties. Last October, Indian Prime Minister Narendra Modi met with Chinese leader Xi Jinping for the first time in five years at a summit in Russia. Modi is expected to make his first visit to China since 2018 later this month to attend the summit of the Shanghai Cooperation Organisation (SCO) – a regional security bloc. Ties between New Delhi and Washington, meanwhile, have been strained by Trump's ultimatum that India end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine. The United States says it will double new import tariffs on India from 25 per cent to 50 per cent by August 27 if New Delhi does not switch crude suppliers.
