US was closing in on TikTok deal, but China hit brakes after Trump announced tariffs: AP source says
Source: Associated Press, via WTOP
US was closing in on TikTok deal, but China hit brakes after Trump announced tariffs: AP source says
The Associated Press
April 4, 2025, 4:00 PM
WEST PALM BEACH, Fla. (AP) — President Donald Trump had a TikTok deal in place Wednesday for the app’s operations to be spun off into a new company based in the U.S. and owned and operated by a majority of American investors, with ByteDance maintaining a minority position, according to a person familiar with the negotiations.
But the deal collapsed Thursday after Trump announced wide-ranging reciprocal tariffs, including against China. ByteDance representatives called the White House to indicate that China would no longer approve the deal until there could be negotiations about trade and tariffs, said the person, who spoke on the condition of anonymity to discuss the sensitive details of the negotiations.
The person added that on Friday it was uncertain whether a tentative deal could be announced after the Chinese government’s reversal of its position complicated TikTok’s ability to send clear signals about the nature of the agreement that had been reached for fear of upsetting its negotiations with Chinese regulators. Trump instead announced he was signing an executive order to extend by an additional 75 days the congressionally mandated ban that was set to go into effect Saturday.
The near-deal was constructed over the course of months, with Vice President JD Vance’s team negotiating directly with several potential investors and officials from ByteDance. ... The Trump administration had confidence that China would approve the proposed deal until the tariffs went into effect.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
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Read more: https://wtop.com/national/2025/04/trump-says-hes-giving-tiktok-another-75-days-to-find-a-us-buyer/
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