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CNA
05-07-2025
- Business
- CNA
Trump says US will start talks with China on TikTok deal this week
United States President Donald Trump said on Friday (Jul 4) he will start talking to China on Monday or Tuesday about a possible TikTok deal. He said the US "pretty much" has a deal on the sale of the TikTok short-video app. "I think we're gonna start Monday or Tuesday ... talking to China, perhaps President Xi or one of his representatives, but we would pretty much have a deal," Trump told reporters on Air Force One. Trump said in a Fox News broadcast last week that he had found a buyer for TikTok, which he described as a group of "very wealthy people" whose identities he will reveal in about two weeks. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said the US will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said, "I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us."
The Sun
29-06-2025
- Business
- The Sun
Trump says he has group of ‘very wealthy people' lined up to buy TikTok after pushing back ban of social media app
DONALD Trump said he has a group of "very wealthy people" lined up to buy TikTok. The President has repeatedly delayed a ban blocking the app to allow more time for negotiations with the Chinese owners - who have consistently refused to sell. 4 4 4 Trump has fought to force TikTok's owners to sell to an American party since his first term. A bill signed last year makes it illegal to operate under the current Chinese owners, but the ban has been delayed three times and the company has always refused to sell. However, on Sunday, Trump told Fox News a "group of very wealthy people" wanted to purchase the app from ByteDance. He said: 'I think I will need China['s] approval, and I think President Xi will probably do it." Without revealing any details, he added: 'I'll tell you in about two weeks.' The closest to Trump has come to barring American users from TikTok was at the time of his inauguration in January this year. A ban took effect on January 19, and TikTok shut itself down an hour before that, telling users "you can't use TikTok for now" due to a "law banning TikTok". But around 12 hours later it came back online after conversations between the US and China behind the scenes - and was available for download again three weeks later. Since then, Trump has delayed the ban three times - twice for 75 days and most recently by 90 days on June 17. The eventual ban or sale is required by a "foreign adversary" bill signed in March 2024. ByteDance challenged the Act, but it was upheld by the Supreme Court in January. It's not clear how much TikTok would sell for, with valuations ranging from $30billion to $300billion. Rumoured new American owners have included major tech companies like Microsoft and Oracle. The wildly popular YouTuber Mr Beast, real name Jimmy Donaldson, said in January he would submit an official offer for TikTok through and investment group led by Jesse Tinsley. Steve Mnuchin, Trump's treasury secretary during his first term in office, also floated the idea of purchasing the app with a group of billionaire investors when the ban was first passed. Amazon reportedly made a last-minute bid to purchase TikTok three days before the second recent extension in April. The bill banning continued Chinese ownership of TikTok cites concerns about national security risks. ByteDance was initially given nine months to sell-up - and that expired in January. However, the company has repeatedly insisted it will not give-up the app. It said in April: "ByteDance doesn't have any plans to sell TikTok." Reports circulated that it was considering a sale of the app without the key algorithm, but these were denied. The owners insisted: "Foreign media reports of ByteDance selling TikTok are not true." 4
