Trump says 'very wealthy' group to buy TikTok
U.S. President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the United States due to its China ties, adding he could name the purchasers in two weeks.
"We have a buyer for TikTok, by the way," Mr. 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 U.S. 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 Mr. 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 Mr. 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 U.S.-China tech rivalry.
While Mr. 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," Mr. 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, Mr. 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 U.S. 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 Mr. Trump's tariffs on Beijing.
ByteDance has confirmed talks with the U.S. government, saying key matters needed to be resolved and that any deal would be "subject to approval under Chinese law."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
28 minutes ago
- Mint
India must watch out as the world's security architecture shudders and shifts
Gift this article The annual meeting of Nato, the North Atlantic Treaty Organization, took place in The Hague last week against the backdrop of a world moving towards a new and fluid security architecture. Thirty of Nato's 32 current members are European, with the US and Canada being its two North American members. The annual meeting of Nato, the North Atlantic Treaty Organization, took place in The Hague last week against the backdrop of a world moving towards a new and fluid security architecture. Thirty of Nato's 32 current members are European, with the US and Canada being its two North American members. Born in 1949 soon after World War II, the original raison d'être of Nato was containment of the Soviet Union and its role as a hedge against the remilitarization of Germany. Once West Germany joined in 1955, the second objective was dropped. After the Berlin Wall fell in 1989, Germany was reunited in 1990 and the Soviet Union collapsed in 1991, Nato's purpose was lost for nearly two decades. With Vladimir Putin's rise in Russia at the beginning of the 21st century and particularly after Russia's annexation of Crimea in 2014, Nato members found common cause again, and the alliance regained some of its mojo. The Ukrainian conflict that began in 2022 united Nato again. Finland and Sweden, which had remained outside for seven decades, have joined the alliance since. Also Read: Geopolitics: Brace for a global shake-up now that Trump has rattled Nato Beginning with Donald Trump's first US presidency in 2017 and continuing into his second one now, Washington has been indifferent towards Ukraine and shown an unexplained sympathy for Russia's position. President Trump has also publicly declared his ambivalence towards Article 5 of Nato, its 'collective defense" clause that states that an attack against any member requires all members to come to its aid. Whether Trump's disposition is just a threat aimed at making European members increase their contributions to Nato remains unclear. Nato is resourced through the direct and indirect national contributions of its members. Nato's common funds are composed of direct contributions to collective budgets and programmes. National contributions, the largest component of Nato funding, include the forces and capabilities held by each member country that can be provided to Nato for deterrence and defence activities and military operations. Direct funds enable Nato to maintain its capabilities and run the entirety of the organization and its military commands. Nato has three principal common-funded budgets: the civil budget (funding the Nato headquarters), military budget (funding the Nato Command Structure) and the Nato Security Investment Programme (funding military infrastructure and capabilities). For 2025, its direct funds amount to about $5.4 billion, of which the US contributes about 16% (an identical amount is contributed by Germany). If all 30 European countries were to do it, annual defence spending would double from $380 billion today to about $750 billion. The latter number is just a bit lower than the current US defence spending and comparable to China's unofficial level. The summit ended with a firm commitment from Nato allies to spend 5% of GDP, up from today's 2% floor. Whether or not America officially quits Nato, even if it psychologically 'checks out,' the security architecture of Europe would change dramatically without an assured American backstop. At the same time, there are tensions among European Nato members, with Hungary publicly supporting Russia and Turkey playing a nuanced ménage-à-trois game. The new nationalist president of Poland is also likely to hold a more matrix-determined position than his predecessor. Also Read: Nato's endgame on Ukraine will need regime change in Moscow While there are other multi-country strategic groupings like the Quad, made up of the US, India, Japan and Australia, and Aukus, made up of Australia, the US and UK, no other multi-country alliance has shown the commitment and staying power of Nato (till Trump came along). Even traditional alliances have become more situation-dependent in recent times. China has generally supported Pakistan and Russia has supported India since Cold War times. At the same time, China has supported Russia on the Ukraine War. During the recent Operation Sindoor, both Russia and the US were ambivalent in their support of India. Turkey, while pursuing its own calculus, has held positions that are inimical to Indian interests in recent years. Even more recently, Iran must have been surprised that Russia did not come to its defence more publicly during its 12-day conflict with Israel. Also Read: Mint Explainer: Sweden set to join NATO after Turkey backs off Alert to the possibility that a US commitment to their security is no longer reliable (and that the US may even turn hostile), countries from Japan and South Korea to Germany are re-arming themselves. In addition to nuclear-equipped France and the UK, Nato's nuclear sharing arrangements extend to Belgium, Germany, Italy, the Netherlands and Turkey. Beyond Nato, the Nuclear Non-Proliferation Treaty (NPT) promulgated in 1969, with 191 current members, is likely to lose some members over the coming years. India is entering a phase where it will have to become far more self-reliant, even as it partners with Russia, the US and others on a context-specific basis. When India purchases defence systems, it will have to insist on technology transfers, source-code access and the interoperability of these platforms with locally developed missile systems. P.S: 'If you have one true friend, then you have more than your share," said clergyman Thomas Fuller. The author is chairman, InKlude Labs. Read Narayan's Mint columns at Topics You May Be Interested In
Mint
29 minutes ago
- Mint
Sterling heads for biggest quarterly jump in more than two years
June 30 (Reuters) - Sterling was on track for its biggest quarterly rise against the dollar in more than two years on Monday, aided by weakness in the dollar across the board and optimism over a trade deal between the United States and Britain. The pound has been among the top beneficiaries of the "sell America" narrative that has dominated much of market sentiment over the past six months, as investors worry that U.S. President Donald Trump's erratic style of policymaking could trigger a U.S. recession that hurt global economies. The British currency is on track for its strongest quarterly performance since October 2022, having gained about 6% against the U.S. dollar. It has appreciated more than 9% during the past six months. On Monday, the pound see-sawed between marginal gains and losses and was last down 0.1% at $1.3705, having rallied over the past two weeks. Against the euro, the currency slipped, with the euro last up 0.2% at 85.59 pence. Investors were also looking favourably upon British assets, as Britain was first among global economies to strike a trade deal with the United States. An agreement to lower U.S. tariffs on some industrial items from Britain also came into effect on Monday. "The UK was first out of the block in terms of getting a deal signed with the United States, although there is still going to be pockets of uncertainty to some sectors," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. "Even so, it has again brought more stability in terms of the relationship that the UK has with the U.S... compared to the European Union, where there (are) still no agreements." Meanwhile, data confirmed that the British economy grew at its fastest pace in a year in the first three months of 2025, though signs of softening consumer demand could potentially weigh on the economy in the months ahead. Markets are pricing in the likelihood that the Bank of England could deliver 50 basis points worth of interest rate cuts by December, with the first expected in September, according to data compiled by LSEG. Other British assets were also poised to finish the quarter on a strong note, with domestically-exposed FTSE 250 mid-cap stocks set for their best quarterly performance since October 2020. (Reporting by Johann M Cherian; Editing by Alex Richardson)
Time of India
30 minutes ago
- Time of India
India hardens stance on farm sector concessions as India-US trade talks stretch
India-US trade deal (Representative AI image) NEW DELHI: As India-US trade talks stretch into a new week with both sides chasing the July 9 deadline, government has hardened its stance on offering concessions in the farm sector. 'The Indian team may stay longer as crucial talks are continuing, but we don't just want to open up whatever is the demand (from the US) on agriculture as lives of millions of farmers are involved,' said a government source. Last week, India's chief negotiator Rajesh Agarwal and other officials had gone to the US on a two-day visit, but the talks have stretched as the US is also keen to conclude some deals before the pause on reciprocal tariffs – 26% in India's case -- ends in. In fact, on Thursday, US president Donald Trump had announced that a 'very big deal' with India is likely – the seventh time that he had announced an agreement. The Indian industry is also being prepared for dealing with reciprocal tariffs, in case the early tranche of the proposed bilateral trade deal does not work out. For India, a key concern is allowing lower duty import on agricultural products like maize, soybean and dairy products, which is being demanded by the US side. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Privately, several industry representatives have met commerce department brass and suggested that India should agree to the demands from the Trump administration, but government is keen to ensure that it is not a one-sided deal. Officials also conveyed to exporters on Monday that the limited deal, if it works out, will cover only a limited set of products with more tranches likely in the coming months. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
