Trump just gave TikTok an extension on ban — here's what we know
Apparently, there is a calendar alert in the White House letting President Trump know when to delay enforcing the U.S. TikTok ban.
Reportedly, Trump will sign a new executive order pushing the ban back by 90 days, more than the previous two 75-day delays from January and April, and the third time the president has delayed enforcement.
The current delay is set to expire this Thursday (June 19).
White Press secretary Karoline Levitt gave a statement to CNN revealing that the extension should be signed in the next few days.
"President Trump does not want TikTok to go dark," Levitt said in her 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."
In May, Trump indicated during an interview with Meet the Press that he would delay the TikTok ban again, adding that he has a "warm spot" for the social media platform. At the time he claimed that a deal was in the works to keep TikTok available.
Prior to the ban going into effect and since, Trump has repeatedly sought some American-based company or consortium to purchase the U.S. assets of TikTok. Mutliple offers have allegedly been put forward from Amazon to software giant Oracle and even the YouTuber MrBeast and Elon Musk.
Get instant access to breaking news, the hottest reviews, great deals and helpful tips.
ByteDance, the Chinese parent company behind TikTok, has equally time and again asserted that it is not interested in selling.
Additionally, any deal needs to be approved by the Chinese government, which reportedly pulled out of a potential deal in April due to Trump's imposed tariffs against Chinese goods that had reached 145% taxation at its highest.
A lot has happened since the TikTok ban discussion kicked off in 2020 during Trump's first administration; here's a full timeline. The ban was cemented in place when President Joe Biden signed it into law in April of 2024.
Since the law was signed, Trump changed his tune saying how much he liked the app and that he would seek to stop the ban. The bill signed by Biden was upheld by the Supreme Court this past January. From there Trump has been delaying the ban and allegedly attempting to strike a deal with ByteDance and China to see the app sold.
Assuming nothing changes between now and September, which at this point it likely won't, we'll find out if Trump delays enforcement once again around the same time the iPhone 17 series launches.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
24 minutes ago
- Los Angeles Times
Senate Republicans hold hearing on Biden's mental fitness as Democrats boycott
WASHINGTON — Nearly six months after Joe Biden left the White House, Senate Republicans are still scrutinizing his presidency, kicking off the first in what's expected to be a series of congressional hearings this year on his mental fitness in office. Republicans on the Senate Judiciary Committee brought in three witnesses Wednesday — none of whom served in Biden's administration — to scrutinize his time in office, arguing that the former president, his staff and the media must be held accountable. Democrats boycotted the hearing and criticized Republicans for 'armchair-diagnosing' Biden when the committee could be looking into serious matters. Sen. John Cornyn of Texas, who co-chaired the hearing, said that they will aim to 'shine a light on exactly what went on in the White House during Biden's presidency.' 'We simply cannot ignore what transpired because President Biden is no longer in office,' Cornyn said. A spokesperson for Biden declined to comment on the hearing. It was the first in what could be several hearings about Biden in the coming months. Over in the House, the Oversight Committee has subpoenaed several of Biden's former staff members, along with his White House doctor, ordering him to testify at a June 27 hearing 'as part of the investigation into the cover-up of President Joe Biden's cognitive decline.' Questions about Biden's age and fitness erupted in the summer after his disastrous performance in a debate against Republican challenger Donald Trump, which ultimately led to the Democrat's withdrawal from the race. Even after Trump won back the presidency in November, Republicans have continued to hammer on Biden's age, citing in part new reporting about Biden that was published this year. Trump now alleges that Biden administration officials may have forged the former president's signature and taken sweeping actions without his knowledge, though he provided no evidence of that happening. Trump has ordered lawyers at the White House and the Justice Department to investigate. Republicans played clips during the hearing Wednesday of Democrats defending Biden. In the montage, the Democrats talk about how Biden was mentally sharp when he was in office. 'Most Democrats on this committee have chosen to all but boycott the hearing and have failed to call a single witness,' Sen. Eric Schmitt (R-Mo.) said. 'They have chosen to ignore this issue, like they ignored President Biden's decline.' Sen. Dick Durbin, the committee's top Democrat, criticized Republicans for holding a hearing on the last president at a time when there are 'numerous critical challenges facing the nation that are under our jurisdiction.' 'Apparently armchair-diagnosing former President Biden is more important than the issues of grave concern,' said Durbin of Illinois. After his opening remarks, Durbin played a video montage of his own — but with clips of Trump speaking that he said reflected the 'cognitive ability' of the current president. Durbin left the hearing after his opening remarks. Three witnesses testified: former White House Press Secretary Sean Spicer, former White House official Theodore Wold and University of Virginia law professor John Harrison. Spicer and Wold both served under Trump. Much of the focus was on Biden's alleged use of an autopen. Trump has repeated long-standing allegations that the Biden White House relied on an autopen to sign presidential pardons, executive orders and other key documents, claiming that its use cast doubt on their validity. Sen. Katie Britt (R-Ala.) also questioned Spicer on 'what mechanisms should we put in place' to hold the media accountable 'for not actually following what is clearly in front of them.' Cappelletti writes for the Associated Press.
CNET
25 minutes ago
- CNET
Fed Rate Cuts Unlikely This Summer. Are Lower Mortgage Rates Still Possible?
The Fed's interest rate decisions impact mortgages, but the relationship isn't straightforward. Tharon Green/CNET There's a wild amount of uncertainty in today's economy, but one thing is clear: The Federal Reserve isn't planning to lower interest rates this summer. Mortgage rates, which have been stuck near 7% for the past several months, are likely to stay higher for longer. On June 18, Fed officials voted to leave borrowing rates unchanged for a fourth consecutive meeting. Holding interest rates where they are allows the central bank to evaluate how President Trump's unpredictable tariff campaign, immigration policies and federal cutbacks affect both inflation and the job market. Often, what the central bank simply says about future plans can cause a stir in the housing market. Mortgage rates are driven by bond investors and a host of other factors, i.e., not directly determined by the Fed. "The mortgage market reacts fast to uncertainty, and we've got no shortage of it this summer," said Nicole Rueth, of the Rueth Team with Movement Mortgage. Why is the Fed not cutting interest rates? The Fed sets and oversees US monetary policy under a dual mandate to maintain price stability and maximum employment. It does this largely by adjusting the federal funds rate, the rate at which banks borrow and lend their money. When economic growth is weak and unemployment is high, the Fed lowers interest rates to encourage spending and propel growth. Reducing interest rates could also allow inflation to surge, which is generally bad for mortgage rates. Keeping rates high, however, increases the risk of a job-loss recession that would cause widespread financial hardship. If unemployment spikes -- a real possibility given rising jobless claims -- the Fed could be forced to implement interest rate cuts earlier than anticipated. "The Federal Reserve is in one of the trickiest spots in recent economic history," said Ali Wolf, Zonda and NewHomeSource chief economist. What is the forecast for interest rate cuts in 2025? On Wednesday, markets eyed the Fed's Summary of Economic Projections, which outlined two 0.25% rate cuts in 2025, unchanged from earlier estimates. But that's far from guaranteed. The updated forecast suggests that tariffs will push prices higher, suggesting that consumers have not yet felt the full effect of these import duties. "Everyone that I know is forecasting a meaningful increase in inflation in the coming months from tariffs, because someone has to pay for the tariffs," Fed Chair Jerome Powell said during a June 18 press conference. Inflation could prompt the central bank to forgo one (or both) of its projected rate cuts, which would keep mortgage rates high. Though Powell remains noncommittal on any specific time frame, financial markets still see a potential interest rate cut coming as early as this fall. Most housing market forecasts, which already factor in at least two 0.25% Fed cuts, call for 30-year mortgage rates to stay above 6.5% throughout 2025. "Average rates are likely to stay in the 6.75% to 7.25% range unless the Fed signals multiple cuts and backs up their policy with data," Rueth said. What factors affect mortgage rates? Mortgage rates move around for many of the same reasons home prices do: supply, demand, inflation and even the employment rate. Personal factors, such as a homebuyer's credit score, down payment and home loan amount, also determine one's individual mortgage rate. Different loan types and terms also have varying interest rates. Policy changes: When the Fed adjusts the federal funds rate, it affects many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit. Inflation: Generally, when inflation is high, mortgage rates tend to be high. Because inflation chips away at purchasing power, lenders set higher interest rates on loans to make up for that loss and ensure a profit. Supply and demand: When demand for mortgages is high, lenders tend to raise interest rates. This is because they have only so much capital to lend in the form of home loans. Conversely, when demand for mortgages is low, lenders tend to slash interest rates to attract borrowers. Bond market activity: Mortgage lenders peg fixed interest rates, like fixed-rate mortgages, to bond rates. Mortgage bonds, also called mortgage-backed securities, are bundles of mortgages sold to investors and are closely tied to the 10-year Treasury. When bond interest rates are high, the bond has less value on the market where investors buy and sell securities, causing mortgage interest rates to go up. Other key indicators: Employment patterns and other aspects of the economy that affect investor confidence and consumer spending and borrowing also influence mortgage rates. For instance, a strong jobs report and a robust economy could indicate greater demand for housing, which can put upward pressure on mortgage rates. When the economy slows and unemployment is high, mortgage rates tend to be lower. Read more: Fact Check: Trump Doesn't Have the Power to Force Lower Interest Rates Is now a good time to get a mortgage? Even though timing is everything in the mortgage market, you can't control what the Fed does. "Forecasting interest rates is nearly impossible in today's market," said Wolf. Regardless of the economy, the most important thing when shopping for a mortgage is to make sure you can comfortably afford your monthly payments. More homebuying advice
Yahoo
25 minutes ago
- Yahoo
Investors see quick stock market drop if US joins Israel-Iran conflict
By Noel Randewich (Reuters) -Financial markets may be in for a "knee-jerk" selloff if the U.S. military attacks Iran, with economists warning that a dramatic rise in oil prices could damage a global economy already strained by President Donald Trump's tariffs. Oil prices fell nearly 2% on Wednesday as investors weighed the chance of supply disruptions from the Israel-Iran conflict and potential direct U.S. involvement. The price of crude remains up almost 9% since Israel launched attacks against Iran last Friday in a bid to cripple its ability to produce nuclear weapons. With major U.S. stock indexes trading near record highs despite uncertainty about Trump's trade policy, some investors worry that equities may be particularly vulnerable to sources of additional global uncertainty. Chuck Carlson, chief executive officer at Horizon Investment Services, said U.S. stocks might initially sell off should Trump order the U.S. military to become more heavily involved in the Israel-Iran conflict, but that a faster escalation might also bring the situation to an end sooner. "I could see the initial knee-jerk would be, 'this is bad'," Carlson said. "I think it will bring things to a head quicker." Wednesday's dip in crude, along with a modest 0.3% increase in the S&P 500, came after Trump declined to answer reporters' questions about whether the U.S. was planning to strike Iran but said Iran had proposed to come for talks at the White House. Adding to uncertainty, Iranian Supreme Leader Ayatollah Ali Khamenei rejected Trump's demand for unconditional surrender. U.S. Treasury yields fell as concerns over the war in Iran boosted safe haven demand for the debt. The U.S. military is also bolstering its presence in the region, Reuters reported, further stirring speculation about U.S. intervention that investors fear could widen the conflict in an area with critical energy resources, supply chains and infrastructure. With investors viewing the dollar as a safe haven, it has gained around 1% against both the Japanese yen and Swiss franc since last Thursday. On Wednesday, the U.S. currency took a breather, edging fractionally lower against the yen and the franc. 'I don't think personally that we are going to join this war. I think Trump is going to do everything possible to avoid it. But if it can't be avoided, then initially that's going to be negative for the markets,' said Peter Cardillo, Chief Market Economist at Spartan Capital Securities in New York. "Gold would shoot up. Yields would probably come down lower and the dollar would probably rally." Barclays warned that crude prices could rise to $85 per barrel if Iranian exports are reduced by half, and that prices could rise about $100 in the "worst case" scenario of a wider conflagration. Brent crude was last at about $76. Citigroup economists warned in a note on Wednesday that materially higher oil prices "would be a negative supply shock for the global economy, lowering growth and boosting inflation—creating further challenges for central banks that are already trying to navigate the risks from tariffs." Trump taking a "heavier hand" would not be a surprise to the market, mitigating any negative asset price reaction, Carlson said, while adding that he was still not convinced that the U.S. would take a heavier role. Trades on the Polymarket betting website point to a 63% expectation of "U.S. military action against Iran before July", down from as much as an 82% likelihood on Tuesday, but still above a 35% chance before the conflict began last Friday. The S&P 500 energy sector index has rallied over 2% in the past four sessions, lifted by a 3.8% gain in Exxon Mobil and 5% rally in Valero Energy. That compares to a 0.7% drop in the S&P 500 over the same period, reflecting investor concerns about the impact of higher oil prices on the economy, and about growing global uncertainty generated by the conflict. Turmoil in the Middle East comes as investors are already fretting about the effect of Trump's tariffs on the global economy. The World Bank last week slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. Defense stocks, already lifted by Russia's conflict with Ukraine, have made modest gains since Israel launched its attacks. The S&P 500 Aerospace and Defense index hit record highs early last week in the culmination of a rebound of over 30% from losses in the wake of Trump's April 2 "Liberation Day" tariff announcements. Even after the latest geopolitical uncertainty, the S&P 500 remains just 2% below its February record high close. "Investors want to be able to look past this, and until we see reasons to believe that this is going to be a much larger regional conflict with the U.S. perhaps getting involved and a high chance of escalating, you're going to see the market want to shrug this off as much as it can,' Osman Ali, global co-head of Quantitative Investment Strategies, said at an investor conference on Wednesday.
