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U.S. President Donald Trump has indicated he may be willing to reduce tariffs on Chinese goods as part of an effort to secure Beijing's approval for a deal involving the sale of TikTok's U.S. operations to an American company.
In remarks made on Wednesday at the White House, Trump explained, "Every point in tariffs is worth more than TikTok," and suggested that a tariff reduction could be part of the negotiations with China to facilitate the sale of ByteDance Ltd’s social video platform TikTok.
This statement comes just after Trump announced a new 25% tariff on automobile imports, further complicating the global trade landscape. Trump has already imposed 20% levies on goods from China, and his plan could significantly reshape U.S.-China trade relations.
Key Developments:
Trump’s Suggestion: The president proposed a potential reduction in tariffs to gain China's support for the TikTok deal. However, he also noted that he could extend the deadline for the deal if necessary.
TikTok's Sale: Under a law signed by former President Joe Biden, ByteDance was mandated to sell TikTok’s U.S. operations by January 19, 2025. Although the shutdown of the app was narrowly avoided, Trump signed an executive order to delay the law's enforcement by 90 days, pushing the deadline to April 5, 2025.
Potential Bidders: Several bidders, including a group led by Frank McCourt, Alexis Ohanian, Jesse Tinsley, and MrBeast, have shown interest in acquiring TikTok’s U.S. operations. Oracle is also considering a proposal that would involve it providing security assurances and taking a small stake in a new American entity.
Trump’s Position:
Trump has said he expects to finalize a deal or at least an outline of the agreement by next week but emphasized that extending the timeline is an option if the deal isn’t completed in time. Trump, who had previously called for a ban on TikTok, has since become one of the app's defenders, crediting its success with helping his 2024 presidential campaign connect with younger voters.
The sale would require approval not only from Trump but also from ByteDance and the Chinese government. A potential compromise that allows ByteDance to retain TikTok's influential algorithm could help smooth over tensions with China, but it would risk violating the U.S. divestiture law.
The negotiations have drawn significant global attention, especially as the U.S.-China trade relations continue to evolve under Trump’s administration.
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