Trump Extends TikTok Deadline, Evading Ban as Negotiations Prolong
In the ongoing saga of TikTok's future in the United States, the deal's completion this week remains uncertain. The social media platform's parent company, ByteDance, and the Treasury Department have yet to comment on the matter.
A potential deal, if it were to materialise, would be subject to congressional scrutiny and could set a precedent for future foreign-based apps operating in the US. Under a law passed in 2024, ByteDance had until mid-January 2025 to transfer TikTok to a US-based company.
The negotiations have been further complicated by tariffs and a new ruling against US-based Nvidia, which China claims has violated anti-monopoly laws in the country.
If a deal is reached, it could involve an investor consortium, including Oracle, US investment firms such as Silver Lake, Andreessen Horowitz, Susquehanna International Group (SIG), General Atlantic, and KKR, and ByteDance itself. However, details of the deal have yet to be finalised and could be subject to change.
The White House has issued an executive order titled "Further Extending the TikTok Enforcement Ban", setting a new deadline of Dec. 16 for TikTok. Until then, the Justice Department is directed not to enforce a law that could have shut down TikTok in the US.
On Monday, Treasury Secretary Scott Bessent said that the US and Chinese governments had reached a preliminary deal on TikTok, with commercial terms agreed upon. However, the Chinese government may view the signing of a deal as the beginning of negotiations, not the end.
The deal, if it goes through, would likely see the new app recreating TikTok's content-recommendation algorithms. The Chinese government would want to protect its tech champion and maintain cultural influence in TikTok.
The possibility of a US-only TikTok app has not been addressed by any of the parties. The Trump administration would likely insist on US-based storage of TikTok data, independent oversight, and insulation from Chinese legal and political demands.
As the deadline approaches, TikTok's future remains uncertain and could potentially remain in limbo even longer. China might find a way to maintain some control over TikTok by keeping secret doors and trapdoors open for intervention in the future, if needed.
Trump has plans to talk with China's President Xi Jinping about TikTok on Friday. The negotiations are a complex web of geopolitical, technological, and commercial interests, and their outcome could have far-reaching implications for both countries.
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