Trump claims group of 'very wealthy people' ready to buy TikTok, to reveal details in two weeks
Published 29 Jun 2025, 08:25 PM IST US President Donald Trump drops new announcement about TikTok(AP)
US President Donald Trump announced during a televised interview that he has identified a group prepared to purchase TikTok. Speaking on Fox News Channel's "Sunday Morning Futures with Maria Bartiromo," Trump revealed that "very wealthy people" are involved in the potential acquisition. He stated his intention to disclose the identities of these buyers in approximately two weeks.
The remarks, broadcast on Sunday, mark a significant development in the ongoing discussions surrounding the popular social media app's future ownership in the United States.
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Donald Trump has doubled down on India purchasing oil from Russia. The US president has threatened to raise tariffs 'substantially' on goods over its continued purchase of crude. But New Delhi, it seems, will continue to source oil from Moscow read more A Russian crude oil tanker transits the Bosphorus in Istanbul. Trump has threatened to raise tariffs on India over its purchase of Russian oil. File image/Reuters To buy or not to buy… That's the question India is having to ask after US President Donald Trump has stepped up his attacks against the country for its purchase of oil from the Vladimir Putin-led nation. On Monday, the US leader threatened to 'substantially' raise tariffs on goods from India over its purchase of Russian oil. This came after Trump has already announced a 25 per cent tariff on New Delhi along with a 'penalty' for buying Russian crude. STORY CONTINUES BELOW THIS AD Since last week, Trump has taken aim at India along with his officials, including Secretary of State Marco Rubio and White House Deputy Chief of Staff Stephen Miller, questioning India's purchase of Russian oil. However, the question is — will Prime Minister Modi acquiesce to Trump's demands and stop buying Russian oil? The answer: it seems quite unlikely, and here's why. Trump's threats to India on Russian oil The current tension between India and the US stems from when Donald Trump first announced that he would slap tariffs of up to 100 per cent on countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine by August 7-9. Then last week, Trump announced 25 per cent tariffs on Indian goods, citing New Delhi's levies on US products and purchases of Russian oil and military equipment. 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Earlier, India purchased most of its oil from West Asia, but this changed after Russia began selling its oil at discounted rates after the West shunned it as punishment for its full-scale invasion of Ukraine in February 2022. In fact, an US Energy Information Administration report reveals that India increased its purchases of Russian oil more than sixfold after the conflict broke out. Moreover, the International Energy Agency notes that 70 per cent of Russian crude was exported to India in 2024. Compiling data, Bloomberg reports that India, on an average, has been buying Russian crude at about 1.7 million barrels a day so far this year. Bloomberg reports that India, on an average, has been buying Russian crude at about 1.7 million barrels a day so far this year. 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The United States at that time actively encouraged such imports by India for strengthening global energy markets stability. Other officials in the Indian administration note that despite Trump's threats, India will continue its trade with Russia for a number of reasons. Representational image/Reuters Let the Russian oil flow Other officials in the Indian administration note that despite Trump's threats, India will continue its trade with Russia for a number of reasons. Firstly, they noted that there was a growing sense within the administration that it shouldn't allow for American policymaking to shape its choices on vital energy supplies for its 1.4 billion people. Analysts and officials from the government also note that if even India suspended its oil trade with Moscow it wouldn't help the US. As Pankaj Saran, a former Indian deputy national security adviser and ambassador to Moscow, told the New York Times, 'What we also have to keep in mind is that even if India may cut to zero, China is not going to. You will have a kind of a bizarre situation where Russia will sell to China at cheap prices, and so you would have China being the ultimate beneficiary.' STORY CONTINUES BELOW THIS AD Moreover, Indian experts note that it was owing to its purchase of oil that helped keep global oil prices in check. Indians kept the Russian oil flowing at the capped price, helping to shrink Russia's revenue but also ensuring that global prices would remain in check. One source was quoted as telling the Mint, 'Had India not absorbed discounted Russian crude combined with OPEC production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide.' 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One of the key reasons India stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains. STORY CONTINUES BELOW THIS AD 'By maintaining diversified and affordable energy access, India contributed to preventing a global oil price shock. Trump's decision to raise tariffs on India citing oil trade is not only unjustified — it ignores market realities misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' India also has to consider the price of moving away from Russian oil. New Delhi would have to pay more if it went with sources of oil like Saudi Arabia, who sells at a higher price to Asian countries because of a policy called the 'Asian premium' maintained by the Organisation of the Petroleum Exporting Countries (Ospec). We will just have to wait and watch to see what happens next — will Trump drop his demand or will India give in. With inputs from agencies
