Latest news with #ProtectingAmericansfromForeignAdversaryControlledApplicationsAct
Yahoo
13-05-2025
- Business
- Yahoo
US China Trade Deal Could Break TikTok-US Impasse
This story was originally published on Social Media Today. To receive daily news and insights, subscribe to our free daily Social Media Today newsletter. The U.S. government has announced that it's agreed to a tariff reduction on Chinese imports, effectively pausing an escalating trade war between the nations, and enabling markets to breathe a sigh of relief amid worsening impacts. And it could also enable talks on a U.S. TikTok deal to go ahead, which the Chinese government had effectively put on hold while the U.S. sought to increase pressure on the nation. To recap, on January 19th, the Senate-approved TikTok sell-off bill went into effect in the U.S., meaning that TikTok needs to be sold to a U.S.-owned entity in order to continue operating in America. TikTok obviously wasn't sold by that deadline, but the day after, following his inauguration as President, Donald Trump issued a 75-day hold on enforcement of the bill, in order to give TikTok more time to negotiate a deal. At the conclusion of that period, and amid Trump's move to impose massive tariffs on Chinese imports to the U.S., the Chinese government effectively refused to talk about a potential TikTok deal, so Trump extended its stay of execution once again, via an Executive Order that gives TikTok another 75 days to find a suitable U.S. partner. That gives TikTok till June to arrange a sell-off that'll appease both Chinese and American regulators, though Trump has also noted that he may well extend that deadline once again if a deal can't be reached. But now, with the U.S. and China coming to some form of agreement on trade, Chinese officials could once again be free to establish a TikTok deal, which, based on reports, would likely see TikTok sold to Oracle via a partnership deal that would meet the requirements of the 'Protecting Americans from Foreign Adversary Controlled Applications Act.' Though those requirements are complex. The official documentation stipulates that foreign-owned entities can't own more than 20% of the app, and can't maintain any control over the platform's algorithms, aside from data sharing restrictions. Arranging a deal that meets all of the parameters means ceding more control than TikTok owner ByteDance, or the Chinese government, would like, though President Trump did note in late March that he expected a TikTok deal to be finalized within a week. Which, of course, it wasn't, but that could mean that the framework of a deal is already in place, and an easing in trade tensions could be just the break needed to get it through. Which would offer relief and assurance for TikTok creators, who've been on uncertain ground for almost a year, since the initial approval of the sell-off bill. There's been no specific discussion of a TikTok deal reported as yet, but this could be a good sign for the future of the app in the U.S. Recommended Reading TikTok Announces New Safety Initiatives for African Users 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
Wall Street Journal
01-05-2025
- Business
- Wall Street Journal
A TikTok Choice for Google and Apple
President Trump has effectively suspended the law Congress passed last spring banning TikTok. Credit to GOP Attorneys General from Tennessee, Alabama and Montana for trying to enforce it. Attorneys General Jonathan Skrmetti (Tenn.), Austin Knudsen (Mont.) and Steve Marshall (Ala.) on Thursday evening subpoenaed Apple and Google for documents related to their compliance with the Protecting Americans from Foreign Adversary Controlled Applications Act. That law required TikTok to divest from its Chinese owner ByteDance by Jan. 19 or be banned. The law passed with large majorities, but Mr. Trump on his first day in office granted TikTok a reprieve by promising not to enforce for 75 days the law's penalties against tech companies that continue to host the app. The President said the amnesty would give him time to negotiate a deal to sell TikTok to U.S. investors. It's unclear if ByteDance and Chinese President Xi Jinping would agree to a total divestment that complies with the law since Beijing deems TikTok's algorithms a state secret. Mr. Trump's 145% tariffs on China have also complicated negotiations. The President has extended his reprieve for another 75 days.
USA Today
25-04-2025
- Business
- USA Today
Will tariffs on China impact a TikTok deal? Trump says deal still 'on the table'
Will tariffs on China impact a TikTok deal? Trump says deal still 'on the table' Show Caption Hide Caption What's next for TikTok after deal was delayed due to Trump tariffs? President Donald Trump said he would be open to negotiating on Chinese tariffs if they agree to the TikTok deal. A potential sale of TikTok remains "on the table," President Donald Trump said on Wednesday, less than a week after China indicated it was not interested in approving a final deal due to high tariffs. "I would say right now China is not exactly thrilled about signing it (a deal to sell TikTok assets), but we have a deal with some very good people, some very rich companies that would do a great job with it," Trump told reporters in the Oval Office on Wednesday. Trump's tariff on Chinese goods is now at 145%, the White House clarified on Thursday. The 125% tariffs announced Wednesday adds to the previously imposed 20% tariffs implemented by Trump back in February. In response, China struck back with an 84% tariff on U.S. goods, which went into effect on Thursday. Las week on Friday, April 4, Trump signed an executive order to once again extend the deadline of a ban on TikTok in the United States. The 75-day ban ends on June 18. U.S. TikTok users remember all too well when TikTok went briefly dark in January, when the short-form video app was removed from app stores and internet hosting services made the platform inaccessible. To combat the ban, Trump signed an executive order Jan. 20 extending the ban's deadline. That extension was set to expire Saturday, April 5 before Trump extended the deadline again. Also last week, Trump shared that a deal was in the works to create a new company that would house and manage TikTok's U.S. assets, as reported by Reuters. The company would be operated by a majority of U.S. investors and ByteDance, TikTok's Chinese parent company, would hold a minority position of under 20%. A source familiar with the matter told Reuters last week that the deal was approved by existing investors, who have so far remained unnamed, ByteDance and the U.S. government. As of Thursday, no official deals have been announced. Why is TikTok facing a ban? In spring 2024, former President Joe Biden signed the Protecting Americans from Foreign Adversary Controlled Applications Act, which gave ByteDance until Jan. 19, 2025 to divest TikTok. Some political officials have seen TikTok as a national security threat for years, expressing concern that ByteDance may be sharing U.S. user data with the Chinese government. ByteDance has repeatedly denied these claims, which thus far remain unsubstantiated. Though previously in favor of banning TikTok, especially during his first administration, Trump said he could 'save' the app after winning the 2024 presidential election. During the short-lived January shutdown, Trump told internet hosting services and app stores that they could restore TikTok and not face legal penalties. Internet hosting services rebooted the platform almost immediately, but the Google Play Store and Apple App Store waited until the following month to restore access. Under federal legislation, companies could be fined $5,000 per user they help access TikTok. For companies like Google and Apple, this could mean a $5,000 fine for each user who downloads or updates TikTok. How many times could Trump extend the deadline? Under federal legislation, the president can implement a 90-day extension of the deadline in order for a sale to be finalized. However, Trump didn't take this route in January. Instead, he signed the first executive order delaying the ban by 75 days. If he wishes to sign yet another executive order in another 75 days, he can. Who are TikTok's suitors? Several individuals, companies and consortiums have expressed interest in purchasing TikTok. Most recently, Amazon and the founder of adult content website OnlyFans have thrown their hats into the ring. On April 2, Tim Stokely, OnlyFans' founder, told Reuters that his startup Zoop had partnered with cryptocurrency organization The HBAR Foundation to submit a bid for TikTok. Reuters also reported last week that an unnamed U.S. administration official had confirmed that Vice President JD Vance and Department of Commerce Secretary Howard Lutnick had received a letter of interest from Amazon. Amazon, Zoop, The HBAR Foundation nor TikTok immediately responded for comment when contacted by USA TODAY on Thursday. Here's who else has expressed interest in the platform over the past year: Blackstone , a private equity firm, Reuters and New York Times reported. Blackstone would join an existing group of non-Chinese shareholders led by Susquehanna International Group and General Atlantic. , a private equity firm, Reuters and New York Times reported. Blackstone would join an existing group of non-Chinese shareholders led by Susquehanna International Group and General Atlantic. Andreessen Horowitz , a California-based venture capital firm. The firm's investment would include Oracle, a U.S. tech company. , a California-based venture capital firm. The firm's investment would include Oracle, a U.S. tech company. Project Liberty , an organization led by former Los Angeles Dodgers owner Frank McCourt with the intention of "constructing a new internet infrastructure.". In addition to McCourt, "Shark Tank" investor Kevin O'Leary and Reddit co-founder Alexis Ohanian committed to the bid. , an organization led by former Los Angeles Dodgers owner Frank McCourt with the intention of "constructing a new internet infrastructure.". In addition to McCourt, "Shark Tank" investor Kevin O'Leary and Reddit co-founder Alexis Ohanian committed to the bid. MrBeast , is part of a consortium of investors led by founder and CEO Jesse Tinsley. James 'Jimmy' Donaldson, is YouTube's most watched creator. , is part of a consortium of investors led by founder and CEO Jesse Tinsley. James 'Jimmy' Donaldson, is YouTube's most watched creator. Perplexity AI , a U.S.-based search engine, proposed a merger in January, according to Reuters. Rather than a sale, the merger would result in a new entity − a culmination of Perplexity AI and TikTok. , a U.S.-based search engine, proposed a merger in January, according to Reuters. Rather than a sale, the merger would result in a new entity − a culmination of Perplexity AI and TikTok. Bobby Kotick, Doug McMillon, Microsoft and Rumble have also expressed interest in purchasing the platform. Kotick is the former CEO of video game company Activision; Doug McMillon is the CEO of Walmart; Microsoft proposed purchasing the platform with Walmart in 2020; and Rumble is a conservative video streaming platform. This story was updated to add new information. Contributing: Reuters
Straits Times
21-04-2025
- Politics
- Straits Times
US Congress members visit El Salvador to facilitate release of deported man
FILE PHOTO: Kilmar Abrego Garcia, a Salvadoran migrant who lived in the U.S. legally with a work permit and was erroneously deported to El Salvador, is seen wearing a Chicago Bulls hat, in this handout image obtained by Reuters on April 9, 2025. Abrego Garcia Family/Handout via REUTERS/File Photo U.S. Representative candidate Yassamin Ansari speaks during Harris-Walz Campaign Rally by Arizona Democratic Party at Celebrity Theatre in Phoenix, Arizona, U.S. November 4, 2024. REUTERS/Go Nakamura/File Photo Congressman Robert Garcia (D-CA) speaks as he is joined by fellow House members Rep. Maxwell Frost (D-FL), Rep. Sara Jacobs (D-CA) and Rep. Delia Ramirez (D-IL) and TikTok creators during a press conference to voice their opposition to the 'Protecting Americans from Foreign Adversary Controlled Applications Act,\" pending crackdown legislation on TikTok in the House of Representatives, on Capitol Hill in Washington, U.S., March 12, 2024. REUTERS/Craig Hudson/File Photo U.S. Congressman Maxwell Frost (D-FL) addresses the Michigan Democratic Party People's Town Hall in Warren, Michigan, U.S., March 29, 2025. REUTERS /Rebecca Cook/File Photo Four Democratic U.S. representatives arrived in El Salvador on Monday hoping to compel the Trump administration to release Kilmar Abrego Garcia, a Salvadoran man mistakenly deported and now held in a notorious prison in that country. U.S. Representatives Maxwell Frost of Florida, Robert Garcia of California, Yassamin Ansari of Arizona and Maxine Dexter of Oregon are in El Salvador to facilitate Garcia's return to the United States, they said in a statement. "Donald Trump and his administration are running a government-funded kidnapping program – illegally arresting, jailing, and deporting innocent people with zero due process," Frost said in the statement. The U.S. government sent Abrego Garcia, 29, to El Salvador on March 15 despite an order protecting him from deportation to El Salvador. Abrego Garcia left El Salvador at age 16 to escape gang-related violence, his lawyers said. He has never been charged with or convicted of any crime. The U.S. Supreme Court directed the Trump administration to facilitate Abrego Garcia's return, after Washington acknowledged he was deported to El Salvador due to an administrative error. The Trump administration says Abrego Garcia belongs to the criminal gang MS-13, but his lawyers have denied the allegation. White House Press Secretary Karoline Leavitt defended the administration's actions in an interview with Fox News on Monday. Asked if the administration made a mistake sending Abrego Garcia to El Salvador, she said: "We did not make a mistake. We have always maintained that this was an individual who needed to be deported from our country." Last week, Chris Van Hollen, the U.S. senator from Maryland, where Abrego Garcia lived, went to El Salvador and met with Abrego Garcia, also calling for his release. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
18-04-2025
- Business
- Yahoo
170 Million Users At Stake: Tim Stokely's Zoop Makes Last-Minute TikTok Bid, Promising Creators 'The Lion's Share' Of Ad Revenue
Tim Stokely, the founder of subscription content platform OnlyFans, has submitted a last-minute bid to acquire TikTok's U.S. operations. Stokely's offer comes through Zoop, a social media platform he helped launch. It is in partnership with the HBAR Foundation, which oversees the treasury of the Hedera cryptocurrency network. The bid promises to radically change how creators earn on the platform by distributing 80% of ad revenue directly to content creators and users, according to a press release obtained by Fortune. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Invest in the future of digital engagement: . The proposal is among several submitted to the White House following the passage of the Protecting Americans from Foreign Adversary Controlled Applications Act. It requires TikTok's China-based parent company ByteDance to divest the app or face a ban in the U.S. The legislation was signed into law by then-President Joe Biden in April 2024, with an initial divestment deadline of Jan. 19. President Donald Trump extended the deadline by 75 days and issued another extension in March, pushing the deadline to June 19. Trump told reporters in March that he had spoken with four interested buyer groups but did not name them, according to Bloomberg. The U.S. government's concerns center on national security. Lawmakers argue that ByteDance's ownership could allow Beijing to access Americans' user data or influence content. China has said any deal involving TikTok would need to comply with its export control laws. Trending: With shares starting at $1.52, . Zoop's proposal introduces a decentralized approach to content distribution, grounded in Web3 principles. In a statement to Wired on April 2, co-founder RJ Phillips explained that the platform aims to transform the social media economy. It seeks to enable creators and active users to receive the majority of advertising revenue. "Our bid for TikTok isn't just about changing ownership," Phillips said. "It's about creating a new paradigm where both creators and their communities benefit directly from the value they collectively generate." The HBAR Foundation, based in Dallas, would contribute blockchain infrastructure to support transparency and entry adds to a crowded field of suitors. Microsoft (NASDAQ:MSFT), Oracle (NASDAQ:ORCL), Amazon (NASDAQ:AMZN) and even YouTuber MrBeast have expressed interest in TikTok. Amazon reportedly made an eleventh-hour offer in early April. Barron's reported in August that Amazon's interest may stem from TikTok's growing influence in e-commerce, particularly through TikTok Shop. China's Commerce Ministry has reaffirmed that TikTok's algorithm is considered sensitive technology and subject to government approval before export. Meanwhile, Trump has continued to tie the potential deal to broader trade negotiations with China. Trump raised tariffs on Chinese imports to 145% but said he might consider lowering them if ByteDance agrees to a U.S.-approved sale of TikTok. Read Next: BlackRock is calling 2025 the year of alternative assets. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 170 Million Users At Stake: Tim Stokely's Zoop Makes Last-Minute TikTok Bid, Promising Creators 'The Lion's Share' Of Ad Revenue originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
