US-China rivalry poses challenges for deepening China-Hong Kong links
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Straits Times
an hour ago
- Straits Times
TikTok will go dark in US without Chinese approval of sale deal, says Trump's commerce secretary
US Commerce Secretary Howard Lutnick told CNBC that the US must control the algorithm that makes TikTok work. WASHINGTON - US Commerce Secretary Howard Lutnick said on July 24 that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Mr Lutnick, speaking on CNBC, also said the United States must control the algorithm that makes the social media platform work. In June, President Donald Trump extended by 90 days to Sept 17 a deadline for China-based ByteDance to divest the US assets of TikTok. Mr Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan 19 of this year if there had not been significant progress. 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Mr Lutnick said. 'If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' TikTok did not immediately comment. Top stories Swipe. Select. Stay informed. Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Asia Singapore urges all parties in Thailand-Cambodia border dispute to exercise restraint Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 Singapore Avoid water activities around Tuas Second Link, Raffles Marina after chemical tank accident: NEA Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore Mindef to set up new volunteer management unit to grow volunteer pool Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Mr Trump's announcements of steep tariffs on Chinese goods. Mr Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January. Attorney-General Pam Bondi sent letters to Apple, Google and other companies that provide services or host the TikTok app that were made public this month. The letters said the Justice Department was irrevocably relinquishing any claims against the companies for potential violations of the law, citing Mr Trump's determination that an abrupt shutdown would interfere with his overseeing national security and foreign affairs. Some Democratic lawmakers argue Mr Trump has no legal authority to extend the deadline and suggest the deal under consideration would not meet legal requirements. REUTERS
CNA
2 hours ago
- CNA
TikTok will go dark in US without Chinese approval of sale deal, US commerce secretary says
WASHINGTON: TikTok will have to cease operations in the United States if China does not approve a deal for the sale of the popular short video app, US Commerce Secretary Howard Lutnick said on Thursday (Jul 24). Speaking on CNBC, Lutnick said the US must control the algorithm that powers the platform, which is used by an estimated 170 million Americans. Last month, President Donald Trump extended the deadline for ByteDance, TikTok's China-based parent company, to divest the app's US assets by 90 days to September 17. The extension came despite a 2024 law requiring a sale or shutdown by January 19 this year unless significant progress was made. 'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said. 'TIKTOK WILL GO DARK' IF NO DEAL 'If that deal gets approved, by the Chinese, then that deal will happen,' Lutnick added. 'If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.' TikTok did not immediately respond to a request for comment. A deal had been under discussion earlier this year to spin off TikTok's US operations into a new American-based company, majority-owned and operated by US investors. That effort stalled after Beijing signalled it would not approve the transaction, following Trump's imposition of new tariffs on Chinese goods. LEGAL UNCERTAINTY PERSISTS Although a law mandating TikTok's sale or shutdown technically went into effect in January, Trump has since issued three enforcement delays. Attorney General Pam Bondi recently sent letters to Apple, Google and other firms hosting or servicing TikTok, stating that the Justice Department would not pursue legal claims against them for any violations, citing Trump's authority over national security and foreign policy.
International Business Times
2 hours ago
- International Business Times
Asian Markets Rise on Trade Optimism and Strong US Earnings
Markets across Asia rose on Thursday as optimism from Wall Street and the promise of more U.S. trade deals fueled trading. The MSCI Asia-Pacific index (excluding Japan) climbed 0.4%, to its peak since the year before. Japan's Nikkei 225 continued its surge, moving within a hair's breadth of its all-time high as Singapore's STI and Japan's Topix both breached heights. x Recent trade agreements with Japan, Indonesia, and the Philippines have lifted investor confidence. Now it is talking with the EU, raising the possibility of a bigger deal. European stock futures were swept along with the optimism: Euro Stoxx 50 futures rose 1.17%, DAX futures 1.15%, and FTSE futures 0.39%. "Markets seem to be ready to throw caution aside on the back of significant trade deals," said NAB strategist Gavin Friend. Trump's Fed Visit Sparks New Speculation In a surprise, President Trump is scheduled to visit the Federal Reserve on Thursday, two days before the next policy meeting. Analysts speculated that the visit might be intended to pressure Federal Reserve Chair Jerome Powell to lower interest rates. The Fed is overwhelmingly anticipated to keep rates unchanged next week. The 10-year U.S. Treasury yield was unchanged at 4.3937%, while the 2-year yield traded at 3.8908%. The dollar fell 0.31% against the yen to 146.03 and dipped briefly on the dollar index, down to 97.156. Earnings and Wall Street Drive Momentum U.S. stocks rose strongly on Wednesday. The Dow rose 1.1%, the S&P 500 climbed 0.76%, and the Nasdaq gained 0.6%. To date, 23% of S&P 500 companies have reported results for the second quarter, with 85% of them beating expectations, according to LSEG data. In Asia, shares of the South Korean microchip maker SK Hynix and the Indian technology services company Infosys both provided optimistic earnings forecasts, setting aside concerns about tariffs. The focus of investors now turns to reports from big U.S. companies and the ECB's rate decision later on Thursday. The ECB is expected to pause after seven straight cuts. Traders anticipate one more cut by December. Trump's earlier threat of a 30% tariff on EU goods could potentially be softened down, as officials indicate that a compromise of a 15% flat rate is in the works. Commodities Steady Ahead of Central Bank Moves Oil prices rose on Thursday following a sharp drop in the United States' crude stocks and amid expectations of potential trade deals lifting demand for crude. American crude gained 0.52% to $65.59 a barrel. Spot gold eased marginally to $3,382.79 an ounce as safe-haven demand waned.
