
TikTok building new U.S. app ahead of forced sale deadline
The move aims to comply with the "divest‑or‑ban" law requiring ByteDance to sell its U.S. operations or face a shutdown.
Sources indicate the updated U.S. version, internally referred to as 'M2,' is set to launch on September 5, while the current app will remain functional until March 2026—though these timelines could shift.
The report comes as former President Donald Trump confirmed that negotiations with China will begin imminently over the proposed deal. Trump described the sale as 'pretty much' agreed upon, with a divestment deadline extended to September 17.
Under this evolving plan, U.S. users will need to transition to the new app, while the original TikTok continues to operate until the rollout is complete. However, the company did not immediately respond to Reuters' request for comment.
The push for a U.S.-based TikTok follows earlier attempts to establish an American-controlled entity, which were stalled due to China's concerns over tariffs and technology transfer.
As political and legal pressure mounts, a new version of TikTok could satisfy both national security concerns and users' needs. Yet, both U.S. and Chinese government approvals will be required before the sale can proceed — and new timelines depend heavily on that cooperation.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
44 minutes ago
- Business Recorder
PSX loses steam after record-setting rally, KSE-100 down 500 points
After days of bullish momentum, selling pressure was observed at the Pakistan Stock Exchange (PSX) as investors resorted to profit-taking amid uncertainty over US tariff hikes, with the benchmark KSE-100 Index losing over 500 points during the opening hours of trading on Tuesday. At 10:15am, the benchmark index was hovering at 132,868.89 level, a decrease of 501.25 points or 0.38%. Selling was witnessed in key sectors including automobile assemblers, commercial banks, cement, fertilizer, oil and gas exploration companies and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PSO, MCB, MEBL and UBL traded in the red. On Monday, PSX continued its record-breaking advance, as the market's bullish sentiment, buoyed by strong corporate earnings expectations, receding trade-related anxieties, and improved macroeconomic indicators. The benchmark KSE-100 Index surged by 1,421 points or 1.08% to close at an unprecedented 133,370 points. Globally, Asian stock markets took in stride the latest twist in US President Donald Trump's tariff roll-out on Tuesday, as the dollar held onto gains and oil retreated. Shares on Wall Street fell after Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the United States, while also postponing their implementation to August 1. Japan's Nikkei stock gauge opened lower but then turned positive after Trump described that deadline as 'firm, but not 100% firm' and said tariffs may be adjusted for some countries. In April, Trump capped all of the so-called reciprocal tariffs with trading partners at 10% until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. In June, Washington and Beijing agreed on a framework covering tariff rates, restoring a fragile truce in their trade war. Tariffs on Japan and South Korea are now due to go up to 25% on August 1. Japanese Prime Minister Shigeru Ishiba called the hike deeply regrettable and said his nation would continue negotiations with the US. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade. Japan's Nikkei stock index rose 0.4% while South Korea's KOSPI jumped 1.5%. This is an intra-day update


Business Recorder
2 hours ago
- Business Recorder
Ringgit, rupiah weaken
BENGALURU: Currencies in emerging Asia dipped against the US dollar on Monday, while most regional stock indexes drifted further from their recent highs, as sparse details and confusion on US tariff deadlines and negotiations with major trading partners kept investors on edge. US President Donald Trump's threat of an extra 10% tariff on countries aligning with the 'anti-American policies' of the BRICS group, as well as sending letters to partners threatening about restoring April 2 tariffs exacerbated the risk-averse sentiment. BRICS is a group of emerging economies comprising Brazil, Russia, India and China, with Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates included as members last year. The Indian rupee hit a seven-session low on the day, while its Nifty 50 drifted lower. Thailand's baht slipped 0.7% to its weakest in four sessions, while South Korea's won, the Philippine peso, and the Malaysian ringgit hovered near multi-session lows. An MSCI index tracking emerging market currencies fell 0.3%. The US dollar index nudged higher to 97.219 in Asia afternoon trade, though it remained pinned around multi-year lows against the euro and the Swiss franc. Asian countries, heavily dependent on imports from China and US investments and businesses, are caught in an escalating trade war between the world's top two economies. They 'face an increasingly complex balancing act between maintaining US market access and Chinese investment flows, complicated by heavy dependence on Chinese intermediate goods and insufficient local supply chain alternatives,' analysts at Nomura wrote.


Business Recorder
3 hours ago
- Business Recorder
Goldman Sachs lifts S&P 500 return forecasts on Fed outlook, large-cap stocks
SINGAPORE: Goldman Sachs has raised its three-, six- and 12-month return forecasts for the S&P 500, citing expectations of U.S. interest rate cuts and continued fundamental strength of major large-cap stocks as key drivers of its positive outlook. The Wall Street bank has revised its S&P 500 return forecasts, projecting a 3% gain over three months and an 11% gain over 12 months, targeting index levels of 6,400 and 6,900, respectively. 'Earlier and deeper Fed easing and lower bond yields than we previously expected, continued fundamental strength of the largest stocks, and investors' willingness to look through likely near-term earnings weakness support our revised S&P 500 forward P/E forecast of 22 times from 20.4 times,' analysts said in a note late on Monday. For the index's six-month return, Goldman Sachs has raised its forecast to +6%, projecting a year-end level of 6,600, and up from its previous estimate of 6,100. Wall Street closed at record highs last week, buoyed by signs of resilience in the country's labour market, which defied investor fears of a slowing economy. After a selloff in April following U.S. President Donald Trump's 'Liberation Day' tariff announcements, stocks have rebounded as hopes for trade deals and potential Federal Reserve rate cuts eased investor uncertainty. 'Recent inflation data and corporate surveys indicate less tariff pass-through so far than we expected,' the analysts said. 'However, we expect the digestion of tariffs to be a gradual process, and large-cap companies appear to have some buffer from inventories ahead of the increase in tariff rates.' The analysts maintained their earnings-per-share growth forecasts for the S&P 500 at +7% for both 2025 and 2026, but flagged that risks remain on both the upside and downside. They plan to reassess these estimates following the second-quarter earnings season.