logo
Trump will sign an order extending deadline for TikTok's Chinese owner to sell app

Trump will sign an order extending deadline for TikTok's Chinese owner to sell app

Associated Press5 hours ago

WASHINGTON (AP) — President Donald Trump will sign an executive order this week to extend a deadline for TikTok's Chinese owner to divest the popular video sharing app, the White House announced Tuesday.
Trump had signed an order in early April to keep TikTok running for an additional 75 days after a potential deal to sell the app to American owners was put on ice.
'As he has said many times, President Trump does not want TikTok to go dark,' White House press secretary Karoline Leavitt said in a statement. 'This extension will last 90 days, which the Administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.'
Trump had told reporters aboard Air Force One as he flew back to Washington early Tuesday from the Group of Seven summit in Canada that he 'probably' would extend the deadline again.
It will be the third time Trump has extended the deadline.
The first one was through an executive order on Jan. 20, his first day in office, after the platform went dark briefly when the ban approved by Congress — and upheld by the U.S. Supreme Court — took effect.
The second was in April, when White House officials believed they were nearing a deal to spin off TikTok into a new company with U.S. ownership that fell apart after China backed out following Trump's tariff announcement.
It is not clear how many times Trump can — or will — keep extending the ban as the government continues to try to negotiate a deal for TikTok, which is owned by China's ByteDance. Trump has amassed more than 15 million followers on TikTok since he joined last year, and he has credited the trendsetting platform with helping him gain traction among young voters. He said in January that he has a 'warm spot for TikTok.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

European markets to open mostly lower as Fed decision, Middle East conflict in focus
European markets to open mostly lower as Fed decision, Middle East conflict in focus

CNBC

time20 minutes ago

  • CNBC

European markets to open mostly lower as Fed decision, Middle East conflict in focus

A view of the London skyline during sunrise looking east, including Canary Wharf, from Horizon 22, London's highest free viewing platform. Picture date: Friday September 15, 2023. Yui Mok - Pa Images | Pa Images | Getty Images Good morning and welcome to CNBC's live blog covering European financial market action and the latest regional and global business news, data and earnings. Futures data from IG suggests sharp falls across European markets at the open, with London's FTSE looking set to open 52 points lower at 8,827, Germany's DAX down 245 points at 23,447, France's CAC 40 down 75 points at 7,665 and Italy's FTSE MIB 329 points lower at 39,568. Global investors continue to assess ongoing fighting between Israel and Iran tensions after continued missile attacks and airstrikes on Monday. Oil prices have risen on supply worries, and the price of gold has also increased amid a flight to safe haven assets after the conflict erupted last week. Those prices rose further overnight, and U.S. stock futures turned lower, after U.S. President Donald Trump signaled a further escalation in attacks could be coming as he urged Iranians to evacuate Tehran. — Holly Ellyatt The U.S. Federal Reserve's latest monetary policy decision is due Wednesday afternoon. Fed funds futures are pricing in an almost 100% likelihood that the central bank will keep rates unchanged, as per CME's FedWatch tool, despite U.S. President Donald Trump's continued pressure on Fed Chief Jerome Powell for a rate cut. Television stations broadcast Jerome Powell, chairman of the U.S. Federal Reserve, speaking after a Federal Open Market Committee meeting, on the floor of the New York Stock Exchange on May 7, 2025. Michael Nagle | Bloomberg | Getty Images Investors will be keeping a close eye on Powell's post-meeting comments and for the central bank policymakers' forecast on rate policy, as the Federal Open Market Committee will be sharing members' "dot plot" of rate expectations. In Europe, U.K. investors will be keeping a close eye on inflation data from the U.K. for May, with economists expecting the consumer price index to have risen 3.4% in the year to May. Elsewhere, Sweden's Riksbank publishes its latest interest rate decision on Wednesday. There are no other data or major earnings reports due. — Holly Ellyatt

Taiwan's entrepreneurs in China feel heat from cross-Strait tensions
Taiwan's entrepreneurs in China feel heat from cross-Strait tensions

Yahoo

time20 minutes ago

  • Yahoo

Taiwan's entrepreneurs in China feel heat from cross-Strait tensions

Bustling Taipei-style shopping streets, majestic temples to the island's deities and thriving factories dot the eastern Chinese city of Kunshan, for years a hub for Taiwanese businesses. But now those firms are feeling the strain from cross-Strait tensions that have stoked safety fears among companies. Taiwanese entrepreneurs -- known as "Taishang" in Mandarin -- poured billions into mainland China since ties began improving in the 1990s, playing an important role in its rise to become the world's second-largest economy. But their numbers have dwindled in recent years, with the number of Taiwanese working in China dropping from 409,000 in 2009 to 177,000 in 2022, according to estimates provided to AFP by the Straits Exchange Foundation, an unofficial intermediary between Taipei and Beijing. China's economic slowdown and mounting trade tensions with Washington are partially responsible, the organisation says. But James Lee, a 78-year-old Taiwanese industrialist who was forced to close his cable and electrical outlet factory in southern Guangdong province in 2022, blames "politics". "You have to be very careful when you speak," Lee told AFP. "We Taiwanese businessmen are afraid." Bolstered by their mastery of Mandarin and business acumen, Taishang have prospered as wily intermediaries between international markets and China's vast industrial manufacturing base. Perhaps the most famous of them is Terry Gou, the founder of Foxconn whose vast factories in China churn out iPhones that have helped make it the world's biggest contract electronics manufacturer. - No guarantee of safety - An hour's drive from economic powerhouse Shanghai, Kunshan has been a key hub for Taiwanese-owned industry in China since the 1990s. "Back then, it was a rice field," recalls Annie Wang, an industrialist from the island who arrived in Kunshan in 1996. "Taiwanese companies were fortunate to coincide with the 30 most glorious years of Chinese manufacturing," she said. Now, Wang heads an electronics subcontracting manufacturing plant, a small technology park and a coffee utensil brand. At the height of the boom, Kunshan was home to more than 100,000 Taiwanese, according to unofficial figures from local associations. But the number of Taiwanese companies in the city has shrunk from more than 10,000 a decade ago to fewer than 5,000 today, according to the data. And the Taishang have felt the squeeze as relations between Taipei and Beijing plunge to their lowest depths in years. The Chinese Communist Party -- which claims Taiwan as its territory but has never controlled it -- has hardened its stance against alleged "Taiwanese independence activists", even calling for the death penalty for alleged secessionism. New rules, which also encourage citizens to report alleged pro-independence activities, have had a chilling effect on Taiwanese businesses in mainland China. "We are not sending Taiwanese employees (to China) because we don't know how to guarantee their safety," said industrialist Lee. "The initial favourable conditions have disappeared, and now there are many additional risks," Luo Wen-jia, vice chairman of the Straits Exchange Foundation, told AFP. China's economic woes and rising production costs are adding to the problems. "When we first went there, we thought that China's economy would continue to improve because its market is so large and its population is so big," Leon Chen, a Taiwanese businessman who worked at a battery component factory in the southeastern province of Jiangxi, said. "But we haven't seen this materialise because there are some issues -- there is the US-China trade war and there was the pandemic," he added. - Caught in crossfire - In response, Taiwanese manufacturers are turning to new, more profitable -- and less politically sensitive -- locales. "Some went to Vietnam, and some went to Thailand, Indonesia and the Philippines, and some returned to Taiwan," Luo said. Between 2016 and 2024, Taiwanese investments in Vietnam approved by the Ministry of Economic Affairs in Taipei soared 129 percent, from US$451 million to more than US$1 billion. Over the same period, those to mainland China fell 62 percent, according to the same source. This decline could deal a blow to Beijing's "united front" strategy, which has seen it lean on Taishang communities to promote Taiwan's political integration and, ultimately, unification. And as Beijing launches military drills practising a blockade of Taiwan and Taipei cracks down on Chinese spies, Taishang risk being caught in the crossfire. In October 2023, Foxconn was placed under investigation by Chinese authorities -- a move widely seen as linked to a bid for the Taiwan presidency by its founder. "There is no way to compare it with the heyday but we can still make ends meet," said Chen. "If the environment for doing business in China becomes worse and worse, we would have no choice but to leave." aas-oho/je/dan

Morning Bid: Gloom pervades ahead of Fed meet's outcome
Morning Bid: Gloom pervades ahead of Fed meet's outcome

Yahoo

time20 minutes ago

  • Yahoo

Morning Bid: Gloom pervades ahead of Fed meet's outcome

A look at the day ahead in European and global markets from Rae Wee Markets head into Wednesday's Federal Reserve rates decision with much uncertainty around the global economy, trade and geopolitical ties. With the Israel-Iran air war entering a sixth day, the G7 wealthy nations struggling to find unity over the conflict in Ukraine, and more signs of fragility in the U.S. economy, the drumbeat of negative headlines offered little respite for investors. U.S. President Donald Trump's call for Iran's unconditional surrender and comments from him suggesting a more aggressive stance toward Iran have also stoked worries of greater U.S. involvement. It was again a risk-off tone in markets on Wednesday, with shares in Asia falling and the dollar buoyant. Stock futures similarly pointed to a mostly lower opening in Europe, though oil prices steadied a little after surging more than 4% in the previous session. It's an increasingly difficult line for Fed Chair Jerome Powell and his colleagues to tread given the challenging global backdrop, and much attention on the central bank's policy decision will be on its updated Summary of Economic Projections. For now, markets are still pricing in two Fed cuts by December, but that could very well change should Powell strike a more hawkish tone later in the day. Ahead of the Fed outcome, UK inflation data is also due on Wednesday, where consumer prices are expected to have slowed slightly in May after April's bigger-than-expected surge. The reading comes ahead of a policy decision by the Bank of England on Thursday, where expectations are for the central bank to keep rates on hold. Still, investors will be looking for hints on whether a slowing economy and weaker wage growth could speed up the pace of easing. One of Britain's leading business groups on Wednesday slashed its forecast for economic growth in 2025 and next year due to headwinds from Trump's tariffs and an increase in payroll taxes, a survey showed. Key developments that could influence markets on Wednesday: - Federal Reserve rate decision - UK CPI (May) Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here. Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store