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The Hindu
33 minutes ago
- The Hindu
What to know about a potential deal to keep TikTok running in U.S.
Less than a month after extending a deadline to ban TikTok for the third time, President Donald Trump told reporters late Friday night that, 'We pretty much have a deal,' on TikTok — but he did not offer details. The details and timing of a potential deal are not clear. TikTok did not immediately respond to messages for comment on Monday. Emarketer analyst Jeremy Goldman said while TikTok is 'reportedly planning' a U.S. version of its app to comply with legal restrictions, the platform — if it launches without the original TikTok algorithm — 'risks losing the very personalization that drives user engagement.' In other words, TikTok just isn't TikTok without its algorithm. 'And getting millions to download a new app is no small feat, to say the least,' Goldman added. Here's what to know about where TikTok stands in the U.S. following Trump's comments. Though he has no clear legal basis to do so, Trump has continued to extend the deadline for TikTok to avoid a ban in the U.S. This gives his administration more time to broker a deal to bring the social media platform under American ownership. 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. While there is no clear legal basis for the extensions, so far there have been no legal challenges against the administration. 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.' For now, TikTok continues to function for its 170 million users in the U.S. Tech giants Apple, Google and Oracle were persuaded to continue to offer and support the app, on the promise that Trump's Justice Department would not use the law to seek potentially steep fines against them. Americans are even more closely divided on what to do about TikTok than they were two years ago. A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren't sure. Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users' data security being at risk as a major factor in their decision, according to the report. Trump said Friday that on Monday or Tuesday, the U.S. would take the proposal to Chinese leader Xi Jinping or one of his representatives. The president said he thinks they 'probably' need China to approve the deal but he wasn't sure they needed to. When asked whether he was confident China would approve the deal, Trump said, 'I'm not confident but I think so.' He said that for the U.S., 'we make a lot of money if the deal goes through." The Chinese embassy in Washington said in a statement that it has no new information to share and 'China has reiterated its principled position on multiple occasions and will handle relevant issues in accordance with Chinese laws and regulations." Although it's unclear if ByteDance plans to sell TikTok, several potential bidders have come forward in the past few months. Aides for Vice President JD Vance, who was tapped to oversee a potential deal, have reached out to some parties, such as the artificial intelligence startup Perplexity AI, to get additional details about their bids, according to a person familiar with the matter. In January, Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity's business with TikTok's U.S. operation. Perplexity had no comment on Monday. Other potential bidders include a consortium organised by billionaire business executive Frank McCourt, which recently recruited Reddit co-founder Alexis Ohanian as a strategic adviser. Investors in the consortium say they've offered ByteDance $20 billion in cash for TikTok's U.S. platform. And if successful, they plan to redesign the popular app with blockchain technology they say will provide users with more control over their online data. 'Every day that passes without a qualified divestiture of TikTok puts Americans at greater risk of manipulation and surveillance. We believe the administration will ultimately obey the courts and follow the requirements for a lawful divestiture,' McCourt's internet advocacy organization, Project Liberty, said in a statement. "We look forward to working with members of the administration, policymakers, and our many outstanding partners in The People's Bid to achieve this goal.' Among other possible investors are the software company Oracle and the investment firm Blackstone. Neither company immediately responded to messages seeking comment on Monday.
The Hindu
33 minutes ago
- The Hindu
Markets trade marginally higher after muted start
Equity benchmark indices Sensex and Nifty were trading marginally higher in the morning trade on Tuesday after a weak beginning as investors stayed on the sidelines ahead of the formal announcement of a trade deal with the U.S. Rally in Asian markets and fresh foreign fund inflows also helped markets recover the early lost ground, analysts said. After a muted start, the 30-share BSE Sensex further declined 121.55 points to 83,320.95 in early trade. The 50-share NSE Nifty dipped 37.15 points to 25,424.15. However, soon both the benchmark indices recovered the early lost ground and were trading marginally higher. The BSE benchmark quoted 86.13 points higher at 83,526.55, and the Nifty traded 19.75 points up at 25,481.05. From the Sensex firms, Kotak Mahindra Bank, Eternal, Bharat Electronics Ltd, Tata Motors, NTPC, and Adani Ports were among the major gainers. However, Titan, Mahindra & Mahindra, Sun Pharma, HCL Tech, and Trent were among the laggards. The US is close to making a trade deal with India, President Donald Trump has said. "Now, we've made a deal with the United Kingdom, we've made a deal with China… We're close to making a deal with India. Others we met with and we don't think we're going to be able to make a deal, so we just sent them a letter. If you want to play ball, this is what you have to pay," Trump said on Monday. The remarks came as the Trump administration sent out the first tranche of "letters" to various countries on Monday detailing the tariffs that the US will impose on products from those countries entering America. The countries that got these letters, signed by Mr. Trump, were Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Kazakhstan, Lao People's Democratic Republic, Malaysia, Serbia, South Africa, South Korea, Thailand, and Tunisia. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading in the positive territory. "The announcement of unilateral tariffs on 14 countries and the exclusion of India from the list along with President Trump's remark that 'we are close to a deal with India' indicate that a trade deal between India and US will be announced soon. This has already been largely discounted by the market; the unknown areas are the details of possible sectoral tariffs on segments like pharmaceuticals. Market reaction will depend on these details," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said. The US markets ended lower on Monday. Global oil benchmark Brent crude dipped 0.36% to $69.33 a barrel. Foreign Institutional Investors (FIIs) bought equities worth ₹321.16 crore on Monday (July 7, 2025), according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth ₹1,853.39 crore. After oscillating between highs and lows on Monday, the Sensex finally ended 9.61 points, or 0.01%, up at 83,442.50. The Nifty ended unchanged at 25,461.30.
Hans India
35 minutes ago
- Hans India
Shares of Indian textile firms rally as Trump slaps 35 pc tariff on Bangladesh
New Delhi: The Indian textile companies saw their shares surging in the morning trade on Tuesday after the US President Donald Trump slapped 35 per cent tariff on Bangladesh. Shares of textile firms such as Trident, Welspun, Gokaldas Exports, KPR Mill, Vardhman Textiles and Arvind Ltd. went up in the early trade. The stock of Gokaldas Exports were up more than 7 per cent while Vardhman Textiles shares rallied 7.4 per cent and Welspun Living's stock jumped two per cent. In a letter to Bangladesh's Chief Advisor Muhammad Yunus, Trump said that starting on August 1, 2025 'we will charge Bangladesh a tariff of only 35 per cent on any and all Bangladeshi products sent into the United States, separate from all sectoral tariffs.' 'Please understand that the 35 per cent number is far less than what is needed to eliminate the trade deficit disparity we have with your country,' Trump wrote in the letter. He said that goods transshipped to evade a higher tariff will be subject to that higher tariff. The US President warned that if, for any reason, Bangladesh decides to raise its tariffs, then whatever number it chooses to raise them by will be added to the 35 per cent that the country charges. 'Please understand that these tariffs are necessary to correct the many years of Bangladesh's tariff and non-tariff policies and trade barriers causing these unsustainable trade deficits against the United States. This deficit is a major threat to our economy and indeed our national security,' Trump noted. If Bangladesh wishes to open its closed trading markets to the US and eliminate its tariff and non-tariff, policies and trade barriers, 'we will perhaps consider an adjustment to this letter. These tariffs may be modified upward or downward, depending on our relationship with your country,' said US President. In the US ready-made garment market, Vietnam holds a 19 per cent share, while Bangladesh accounts for 9 per cent. Trump has imposed 25 per cent tariffs on goods from Japan and South Korea, while 12 other nations received letters revealing the tariffs they will have to pay. He also said that the US 'is very close to making a deal with India'.
