Trump and Xi strive to conclude the TikTok agreement
The social media platform TikTok has been the centre of attention recently, with significant developments unfolding.
The White House has joined TikTok and garnered over 14k followers and 21k likes within an hour of its debut. This move comes as President Donald Trump is in discussions with Chinese leader Xi Jinping to finalise a deal that would keep TikTok operating in the U.S.
The proposed deal involves ByteDance, TikTok's Chinese parent company, and a U.S. investor group. The majority ownership of TikTok's U.S. business is set to transfer to American investors, with Oracle, a U.S. software giant, taking the lead in managing the app's data and privacy. The algorithm will be controlled from the U.S., and Chinese officials have agreed on entrusting a partner with handling U.S. user data and content security.
However, no official decision on the buyer has been publicly disclosed yet, and the final agreement is expected to be signed imminently.
The TikTok deal is not the only topic of discussion between Trump and Xi Jinping. Trade is also on the agenda, specifically China's restrictions on the export of rare earth elements. The conversation will also cover tariffs, with Trump not announcing any plans to raise tariffs on Beijing over its purchase of Moscow's oil.
The Trump administration has imposed additional 20% tariffs on Chinese goods linked to allegations that Beijing has failed to stem the flow to the U.S. of chemicals used to make opioids.
U.S. lawmakers have expressed concerns over data security and privacy for TikTok users, as well as suspicions that the Chinese government influences TikTok's content. These concerns led Former President Joe Biden to sign a bill in April requiring ByteDance to sell the platform to a U.S.-approved buyer within nine months or face a ban.
The deadline to avoid a TikTok ban in the U.S. has been extended until Dec. 16. The president has credited TikTok with helping him win another term, especially among young voters.
The commercial terms of the TikTok deal have been agreed upon, but no details have been released. The framework for the deal will switch the app to American ownership, marking a significant shift in the global tech landscape.
As the deal nears finalisation, the focus remains on ensuring user privacy, data security, and maintaining the app's unique algorithm, which is part of the intellectual property rights that have been authorised. The final agreement is eagerly anticipated, and it remains to be seen how this deal will shape the future of TikTok and U.S.-China relations.
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