Trump to Weigh Plans for TikTok Sale at Meeting on Wednesday
President Donald Trump will meet on Wednesday to consider a proposal for divesting TikTok's US operations from Chinese parent company ByteDance Ltd., just days ahead of a deadline for a sale of the popular social media app, according to people familiar with the matter.
The administration is considering a deal that would include Oracle Corp. and Blackstone Inc. and potentially other investors in a joint venture, the people said, speaking on condition of anonymity to share details about the meeting.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
20 minutes ago
Asian shares climb after China and the US say they have a framework for seeking a trade deal
TOKYO -- Asian shares mostly rose Wednesday after China and the U.S. said they had agreed on a framework for following up on the trade truce reached last month in Geneva. U.S. futures fell while oil prices edged higher. Japan's benchmark Nikkei 225 surged 0.6% in afternoon trading to 38,450.76. Data from the Bank of Japan data showed wholesale inflation slowed in May, meaning there might be less pressure for the central bank to raise interest rates in its next policy board meeting. Hong Kong's Hang Seng gained 0.9% to 24,381.39, while the Shanghai Composite rose 0.5% to 3,402.97. Australia's S&P/ASX 200 edged up 0.2% to 8,603.70. South Korea's Kospi added 1.0% to 2,900.05. Tuesday on Wall Street, the S&P 500 rose 0.5% to 6,038.81 as the trade talks between the world's two largest economies carried into a second day. The Dow Jones Industrial Average added 0.2% to 42,866.87, and the Nasdaq composite gained 0.6% to 19,714.99. Stocks have roared higher since dropping roughly 20% below their record two months ago, when President Donald Trump shocked financial markets with his announcement of tariffs that were so stiff that they raised worries about a possible recession. Much of the rally has been due to hopes that Trump would lower his tariffs after reaching trade deals with countries around the world, and the S&P 500 is back within 1.7% of its record set in February. Analysts said that after two days of discussion in London, the late-night agreement reached appeared to be a consensus on what was already agreed upon before. Even so, Trump's approval is still needed. 'So what did 48 hours of talks actually produce? Apparently, a reaffirmation to eventually do what they had already said they would do. If markets were expecting substance, they got process instead,' said Stephen Innes, managing partner at SPI Asset Management. U.S. Secretary of Commerce Howard Lutnick said Tuesday evening in London that talks with China were going 'really, really well.' Both the United States and China have put many of their tariffs on each other's exports on pause as talks continue. Still, uncertainty over what is to come is still affecting companies and their ability to make profits. Designer Brands, the company behind the DSW shoe store chain, became the latest U.S. company to yank its financial forecasts for 2025 because of 'uncertainty stemming primarily from global trade policies.' The company, which also owns the Keds, Jessica Simpson and other shoe brands, reported a larger loss for the start of the year than analysts were expecting, and its revenue also fell short of forecasts. CEO Doug Howe pointed to 'persistent instability and pressure on consumer discretionary' spending, and the company's stock tumbled 18.2%. The uncertainty is moving in both directions, to be sure. A survey released Tuesday of optimism among small U.S. businesses improved a bit in May. 'While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth,' according to Bill Dunkelberg, chief economist at the National Federation of Independent Business. Tesla helped to make up for such losses by rising 5.7%. The electric vehicle company has been recovering since tumbling last week as Elon Musk's relationship with Trump imploded. That raised fear about possible retaliation by the U.S. government against Tesla. Shares that trade in the United States of chipmaking giant Taiwan Semiconductor Manufacturing Co. rose 2.6% after the company known as TSMC said its revenue in May jumped nearly 40% from the year earlier. In other dealings early Wednesday, the yield on the 10-year Treasury eased to 4.48% from 4.47% late Tuesday. Benchmark U.S. crude oil gained 8 cents to $65.06 a barrel. Brent crude, the international standard, edged up 2 cents to $66.89 a barrel. The U.S. dollar rose to 145.08 Japanese yen from 144.84 yen. The euro cost $1.1418, down from $1.1425.
Yahoo
20 minutes ago
- Yahoo
Panel held to discuss possible cuts to Medicaid
(COLORADO SPRINGS) — Local health care workers and Democrats held a panel on Tuesday, June 10 discussing how Medicaid budget cuts could impact Colorado Springs. Data shows 19% of the 5th Congressional District, which covers most of El Paso County, are enrolled in Medicaid. Organizers of the panel said that number could drop if President Donald Trump signs his so-called 'Big Beautiful Bill.' The bill adds restrictions to who would be eligible for Medicaid, which Republicans argue would cut down on fraud. However, those at the panel on Tuesday disagree, arguing these cuts will impact services across the board. They said the only way to make sure your voice is heard is to speak up to the lawmakers who represent you. 'Call your representatives. There is somebody, they ain't going to answer the phone, but there is somebody who can answer the phone. Get out. Speak your mind. Talk to your neighbor. Find out what goes on,' said Leeann Webster with CA Home Health Care. The senate is currently debating the controversial bill. Both Colorado Senators John Hickenlooper and Michael Bennett both indicated they will not vote in favor of the measure. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
26 minutes ago
- Yahoo
Morning Bid: So, it's a framework for a deal, maybe?
(Reuters) -A look at the day ahead in European and global markets from Wayne Cole. So, apparently, they have the concept of a plan for a proposal on a framework for a deal to break the latest U.S.-China trade impasse. Which was only needed because President Trump sent that tweet claiming Beijing had broken the old deal. This deal now needs to be approved by Trump and Chairman Xi, and then implemented. At least the Chinese side thought the talks were "rational", which was a step forward. Details were scant, though the U.S. team did claim that it would resolve China's export restrictions on rare earth minerals and magnets. What Beijing got in return was not yet clear. Neither was it clear whether this truce would last any longer than the last one, which might be why the early market response was less than enthusiastic. U.S. and European stock futures were all down between 0.2% and 0.6%, and Asian shares modestly firmer. There is still the small matter of whether the April 2 levies are actually legal, with a federal appeals court allowing the tariffs to remain in effect while it reviews a lower court decision blocking them. The dollar and Treasuries were little changed as the U.S. CPI looms later in the day and any upside surprise would fan stagflationary fears, to the detriment of both markets. Analysts assume lower energy prices will keep the headline rise to 0.2%, while the core is seen up 0.3%. Attention will be on whether tariffs show up in goods prices, though the full impact is likely to appear from June onwards. Measures of volatility suggest investors really aren't prepared for a high number, so anything in line will be a relief. Treasuries also have a 10-year auction to weather, with the focus on the share taken by indirect bidders which include foreign central banks. The latter took a hefty 71% of the May sale, while primary dealers got just 8.9%. A repeat performance would be warmly welcomed. Key developments that could influence markets on Wednesday: * ECB wage tracker. Appearances by ECB council membersGabriel Makhlouf; Piero Cipollone; Philip Lane and Claudia Buch;policymaker Yiannis Stournaras * British finance minister Rachel Reeves releases spendingreview * U.S. CPI data for May (By Wayne Cole; Editing by Christopher Cushing) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
