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Reuters
5 days ago
- Business
- Reuters
Exclusive: Blackstone drops out of consortium bid for TikTok US, source says
July 18 (Reuters) - Private equity giant Blackstone has withdrawn from a consortium seeking to invest in TikTok's U.S. operations, a source familiar with the matter told Reuters on Friday. The latest change came as uncertainty has mounted and there have been several delays in the TikTok deal now at the center of U.S.-China trade talks. Blackstone had planned to take a minority stake in the TikTok U.S. business in a deal orchestrated by President Donald Trump. The consortium is led by Susquehanna International Group and General Atlantic, current investors in TikTok's Chinese owner ByteDance. The group had emerged as the front-runner to secure TikTok's U.S. business in a deal under which U.S. investors would own 80% of TikTok, while ByteDance would retain a minority stake. Blackstone declined to comment. TikTok did not immediately respond to a request for comment. The deadline for ByteDance to divest the popular social media app in the U.S. has been repeatedly postponed, creating uncertainty for investors. Last month, Trump signed a third executive order extending the deadline for ByteDance to sell TikTok or face a ban, moving the cutoff to September 17. In April 2024, Congress passed a law mandating a sale or shutdown of TikTok by January 19, 2025. Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is 'flouting the law' and ignoring national security concerns related to Chinese control over TikTok. ByteDance is exploring various options to address these concerns, including selling or restructuring its U.S. operations. The Chinese social media giant, which raked in $43 billion in the first three months of this year, recently surpassed Meta in quarterly revenue, sources told Reuters. The U.S. consortium, favored by the administration in any TikTok deal, also includes KKR, as well as new investors such as Andreessen Horowitz, Reuters previously reported. Oracle is also likely to take a stake. It is unclear whether other bidders in the consortium are still involved. A deal had been in the works this spring to spin off TikTok's U.S. operations into a new U.S.-based firm. Talks were put on hold after China indicated it would not approve the transaction, following Trump's announcement of steep tariffs on Chinese goods. If a sale is finalized, the new U.S. app is expected to be owned by a joint venture formed by an American investor consortium and ByteDance, which would maintain a minority stake. TikTok is already working on a U.S.-specific app, sources told Reuters. Blackstone's exit highlights the complexities and uncertainties involved in the deal, as the ongoing talks over TikTok's fate have now become part of Trump's broader trade negotiations with China, and Trump said he would speak to President Xi Jinping about it.
Yahoo
10-07-2025
- Business
- Yahoo
Is China Dodging US Tariffs? Direct Exports To America Plunge 43% As Vietnam And Indonesia See Big Spurts: Report
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. China's exports to the United States have plunged over 43% year-over-year in May, representing a $15 billion drop in trade value, yet at the same time, China's total exports have increased 4.8%, according to official figures, despite the trade and tariff-related turbulence. What Happened: On Monday, in a post on X, The Kobeissi Letter shared the latest trade data coming in official Chinese sources, hinting at the rerouting of goods to circumvent the current U.S. trade and tariff regime. The post notes that exports to the Association of Southeast Asian Nations (ASEAN) rose 15% year-over-year during the month, while shipments to the European Union climbed 12%. Meanwhile, there was a 30% spike in Chinese exports routed through Vietnam, and a similar 25% increase via Indonesia. Trending: GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — These figures have since fueled speculations that China is shifting its trade strategy, rerouting exports through regional partners to maintain global market access while reducing direct exposure to U.S. tariffs. This comes amid growing efforts made by the U.S. Government to close potential backdoors for Chinese goods. The recent trade deal with Vietnam, which involved a 40% tariff on rerouted goods, is largely aimed at the same, and is thus being seen as a 'proxy trade war' with China. Why It Matters: Economists believe that President Donald Trump's 40% tariff on rerouted goods from Vietnam could warrant backlash from China, with economist Rana Sajedi saying that it might be seen as a direct challenge, leading to targeted trade measures. The U.S. has also been urging Vietnam to reduce its reliance on Chinese technologies that are used in the production of goods that are later exported. Experts have long viewed tariffs as an opportunity for rerouting and transshipment, rather than a threat. 'During 2018-19 when similar tariffs were put into effect, cargo was rerouted through Southeast Asia, Mexico and Europe, and a similar pattern is emerging now,' says Moritz Fuhrmann, the Co-CEO of MPC Container Ships ASA (OTC:MPZZF). Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Photo courtesy: / This article Is China Dodging US Tariffs? Direct Exports To America Plunge 43% As Vietnam And Indonesia See Big Spurts: Report originally appeared on
Yahoo
09-07-2025
- Business
- Yahoo
Trump makes new threat of 50% tariff on Brazil as his trade letter tally reaches 22
Donald Trump released another round of letters to trade partners on Wednesday, including a threat of a 50% tariff on Brazil over what the president describes as a witch hunt of Jair Bolsonaro. The former Brazilian president is facing an upcoming trial for his role in trying to overturn the results of his country's 2022 election and is charged with participating in a plot to refuse to give up power after he lost re-election. The letter from Trump called the trial an "international disgrace" that shouldn't be happening. And it was one of 8 letters Trump posted on Wednesday that included other threats of rates ranging from 20% to 30% on nations from the Philippines to Moldova set to take effect on Aug. 1. The additional letters released Wednesday included 30% rates for Algeria, Iraq, Libya, and Sri Lanka; 25% rates for Brunei and Moldova; and a 20% rate for the Philippines. Outside of Brazil, the Philippines was the biggest announcement Wednesday with that nation ranking about 30th in US trading partners by value, according to US government data. But the focus on Brazil could prove the most politically and economically significant after Trump has taken a keen interest in the fate of Bolsonaro — who is often a vocal Trump supporter and even endorsed Trump in 2020 while in in office — and his soon-to-begin trial. Brazil is also the biggest trading partner among the letters Trump posted Wednesday. Wednesday's letter to Brazil diverged in key ways from Trump's other letters released this week but also offered a message that was present throughout the day that everything is up for negotiation between now and the implementation date of Aug. 1. "These Tariffs may be modified, upward or downward, depending on our relationship with your Country" Trump wrote in the Brazil letter addressed to current president Luiz Inácio Lula da Silva — the man who defeated Bolsonaro in that 2022 election. Outside of Brazil, the letters Wednesday continued a trend of announcements this week of rates that largely tracked what were first announced in April, with some alterations. The Philippines, for example, saw its proposed rate jump slightly from 17% to 20%. Moldova saw a decrease from 31% to 25% and Algeria saw their rate unchanged at 30%. President Trump was also asked Wednesday how he came to his new tariff rates with the president responding it "was a formula based on common sense, based on deficits, based on how we've been treated over the years, and based on raw numbers." In April, Trump came up with his tariff rates purely based on trade deficits. Those other factors clearly came into play with Brazil, that faced 10% tariffs in Trump's April announcement but are now facing a rate of 5 times that. This latest flurry of pronouncements comes on top of 14 letters issued Monday and during a week that has seen a surge in bellicose new rhetoric from the president including the announcement of new 50% tariffs on copper. But markets have largely ignored the news after one of the first moves from the president this week was to push ahead his "reciprocal" tariff deadlines by about three weeks via executive action. "Trade negotiations take time, and the notion you're going to be simultaneously negotiating with dozens of countries just really limits the bandwidth of the negotiating teams," Wendy Cutler, a former trade negotiator currently at the Asia Society, said in a live Yahoo Finance appearance Wednesday. "Aug. 1 now is the next deadline," she added, "and even though the president is saying there'll be no more further extensions, I think our trading partners are beginning to realize that this may go on and on and on." Read more: The latest news and updates on Trump's tariffs Also damping the potential effect was that Wednesday's series of letters — which appeared in sequence on Truth Social starting a little after 11:30 a.m. ET — lacked any signs of progress on deals with India and the EU, as arrangements with two of the US's major trading partners remain outstanding. The chances of a deal with Europe got more complicated after Trump said on Tuesday, "We are probably two days off from sending them a letter." European Commission President Ursula von der Leyen offered early Wednesday morning that Europe would continue to negotiate, but "we get ready for all scenarios." Read more: 5 ways to tariff-proof your finances This was all after a deadline delay that, the Wall Street Journal reported Wednesday, came at the request of Treasury Secretary Scott Bessent, who said he could secure trade deals with more time. The new timeline clearly dampened any market effects this week. "The markets watched it all with as much interest as watching reruns on TV," quipped Edward Yardeni in a note to clients about developments so far before this latest letter release. "President Donald Trump huffed and puffed again. The financial markets' reaction was ho-hum." Skepticism also appeared to deepen further on Wednesday on the question of whether the terms in Trump's letters would indeed be in place in August after Trump trade counselor Peter Navarro offered on Fox Business Wednesday morning that these letters are being absorbed well by markets because they understand "these are all negotiations as we move in time." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices 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
Yahoo
09-07-2025
- Business
- Yahoo
Trump makes new threat of 50% tariff on Brazil as his trade letter tally reaches 22
Donald Trump released another round of letters to trade partners on Wednesday, including a threat of a 50% tariff on Brazil over what the president describes as a witch hunt of Jair Bolsonaro. The former Brazilian president is facing an upcoming trial for his role in trying to overturn the results of his country's 2022 election and is charged with participating in a plot to refuse to give up power after he lost re-election. The letter from Trump called the trial an "international disgrace" that shouldn't be happening. And it was one of 8 letters Trump posted on Wednesday that included other threats of rates ranging from 20% to 30% on nations from the Philippines to Moldova set to take effect on Aug. 1. The additional letters released Wednesday included 30% rates for Algeria, Iraq, Libya, and Sri Lanka; 25% rates for Brunei and Moldova; and a 20% rate for the Philippines. Outside of Brazil, the Philippines was the biggest announcement Wednesday with that nation ranking about 30th in US trading partners by value, according to US government data. But the focus on Brazil could prove the most politically and economically significant after Trump has taken a keen interest in the fate of Bolsonaro — who is often a vocal Trump supporter and even endorsed Trump in 2020 while in in office — and his soon-to-begin trial. Brazil is also the biggest trading partner among the letters Trump posted Wednesday. Wednesday's letter to Brazil diverged in key ways from Trump's other letters released this week but also offered a message that was present throughout the day that everything is up for negotiation between now and the implementation date of Aug. 1. "These Tariffs may be modified, upward or downward, depending on our relationship with your Country" Trump wrote in the Brazil letter addressed to current president Luiz Inácio Lula da Silva — the man who defeated Bolsonaro in that 2022 election. Outside of Brazil, the letters Wednesday continued a trend of announcements this week of rates that largely tracked what were first announced in April, with some alterations. The Philippines, for example, saw its proposed rate jump slightly from 17% to 20%. Moldova saw a decrease from 31% to 25% and Algeria saw their rate unchanged at 30%. President Trump was also asked Wednesday how he came to his new tariff rates with the president responding it "was a formula based on common sense, based on deficits, based on how we've been treated over the years, and based on raw numbers." In April, Trump came up with his tariff rates purely based on trade deficits. Those other factors clearly came into play with Brazil, that faced 10% tariffs in Trump's April announcement but are now facing a rate of 5 times that. This latest flurry of pronouncements comes on top of 14 letters issued Monday and during a week that has seen a surge in bellicose new rhetoric from the president including the announcement of new 50% tariffs on copper. But markets have largely ignored the news after one of the first moves from the president this week was to push ahead his "reciprocal" tariff deadlines by about three weeks via executive action. "Trade negotiations take time, and the notion you're going to be simultaneously negotiating with dozens of countries just really limits the bandwidth of the negotiating teams," Wendy Cutler, a former trade negotiator currently at the Asia Society, said in a live Yahoo Finance appearance Wednesday. "Aug. 1 now is the next deadline," she added, "and even though the president is saying there'll be no more further extensions, I think our trading partners are beginning to realize that this may go on and on and on." Read more: The latest news and updates on Trump's tariffs Also damping the potential effect was that Wednesday's series of letters — which appeared in sequence on Truth Social starting a little after 11:30 a.m. ET — lacked any signs of progress on deals with India and the EU, as arrangements with two of the US's major trading partners remain outstanding. The chances of a deal with Europe got more complicated after Trump said on Tuesday, "We are probably two days off from sending them a letter." European Commission President Ursula von der Leyen offered early Wednesday morning that Europe would continue to negotiate, but "we get ready for all scenarios." Read more: 5 ways to tariff-proof your finances This was all after a deadline delay that, the Wall Street Journal reported Wednesday, came at the request of Treasury Secretary Scott Bessent, who said he could secure trade deals with more time. The new timeline clearly dampened any market effects this week. "The markets watched it all with as much interest as watching reruns on TV," quipped Edward Yardeni in a note to clients about developments so far before this latest letter release. "President Donald Trump huffed and puffed again. The financial markets' reaction was ho-hum." Skepticism also appeared to deepen further on Wednesday on the question of whether the terms in Trump's letters would indeed be in place in August after Trump trade counselor Peter Navarro offered on Fox Business Wednesday morning that these letters are being absorbed well by markets because they understand "these are all negotiations as we move in time." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices 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
CNA
09-07-2025
- Business
- CNA
Singapore businesses bracing for ripple effects as Trump's new tariffs target Asia: Observers
SINGAPORE: Companies in Singapore are bracing for more uncertainty after United States President Donald Trump announced new import tariffs of up to 40 per cent on certain countries. Letters sent to 14 countries, mainly in Asia, on Monday (Jul 7) outlined that tariffs will take effect on Aug 1 unless deals are struck with the US beforehand. Singapore is not among the 14 nations that were issued these letters. But observers believe that Singapore - the only country in Southeast Asia with which the US has a trade surplus - will continue to face the 10 per cent baseline tariff imposed in April. UNLEVEL PLAYING FIELDS 'America enjoys a surplus with us, so we shouldn't even be getting 10 per cent,' said Associate Professor Simon Tay, chairman of the Singapore Institute of International Affairs. 'Even if we are spared anything more than 10 per cent ourselves, the ripple effect of what happens to the countries around us, our major trading partners, is going to have an impact on Singapore.' Some of the nations targeted by the proposed new tariffs are in Asia. Key US allies Japan and South Korea would be hit with 25 per cent tariffs. Southeast Asian countries including Indonesia, Laos, Malaysia, Myanmar, and Thailand face duties ranging from 25 to 40 per cent. 'It's a real damage in the sense that we, as a hub in ASEAN (Association of Southeast Asian Nations), really want the region to integrate. It makes a lot of economic logic, especially the neighbours nearest to us,' said Assoc Prof Tay. 'So this tariff differentiation tends to create unlevel playing fields and a bit of gaming.' Mr Chris Humphrey, executive director of the EU-ASEAN Business Council, touched on the potential economic reactions of Southeast Asian countries, saying: 'I don't think you are going to see countries … doing tit-for-tat increases with the United States. 'They can't afford it. The economies aren't quite big enough and strong enough.' The US accounts for about 10 per cent of Singapore's total goods exports, pointed out Singapore Business Federation (SBF) chief executive Kok Ping Soon. 'This means there's a big 90 per cent of the goods exports that are not destined for the US, and there's a lot of potential there,' he noted. 'Many of these opportunities are really in our immediate neighbourhoods, hence the importance of ASEAN integration.' GLOBAL TRADE UNCERTAINTY Mr Kok said firms here are cautious and taking a wait-and-see approach. 'It's that uncertainty that's really driving business interest because it sends a chilling effect on their ability to think ahead,' he added. 'The problem for businesses is that Trump operates on a very short cycle every few days, but businesses operate in a much longer cycle.' This persistent extreme uncertainty is hurting businesses more than the tariff itself, said Mr Kok. On how Singapore businesses need to operate, he said it's 'almost a prerequisite' for them to be resilient. 'Because if companies get a calculus wrong, it may likely suffer,' he added. Mr Kok stressed the importance of trade compliance and reconfiguring supply chains, noting that businesses, particularly smaller ones, often require external support. While larger firms may have the capacity to manage these changes on their own, smaller ones are likely to need some form of support to navigate these challenges, he added.
