Berliner Boersenzeitung - Trump extends delay on US TikTok ban until mid-December

The announcement, made through an executive order, came despite Trump telling reporters Tuesday that the United States and China had reached a deal over a new ownership structure for the hugely popular video-sharing app.

The extension builds on previous delays issued in January, April and June as the administration navigates the complex legal and national security implications surrounding TikTok's operations in the United States.

The latest delay was set to expire on Wednesday.

"We have a deal on TikTok, I've reached a deal with China, I'm going to speak to President Xi (Jinping) on Friday to confirm everything up," Trump told reporters on Monday as he left the White House for a state visit to Britain.

"We have a group of very big companies that want to buy it," Trump said, adding that he would "hate to see value like that thrown out the window."

China also confirmed what both sides on Monday called the "framework" of a deal that would be finalized in the phone call between the two leaders on Friday.

TikTok -- which boasts almost two billion global users -- is owned by China-based ByteDance.

According to the Wall Street Journal, TikTok's US business would be controlled by an investor consortium including cloud giant Oracle and venture capital giant Andreessen Horowitz, with the Chinese owners keeping 20 percent of the US business.

Both companies have very close ties to the Trump White House and Oracle already plays a major role in TikTok's US infrastructure.

One of the major questions is the fate of TikTok's powerful algorithm that saw the app become one of the world's most popular sources of online entertainment.

The preliminary deal was negotiated over two days of talks that ended Monday in Madrid between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.

Under the order, the US Justice Department is prohibited from taking enforcement action not only during the extended period, but also retroactively for any conduct that occurred since the ban was originally to come into force, on January 19, 2025 -- the day before Trump's inauguration.

The legislation was designed to address national security concerns over TikTok's Chinese parent company ByteDance and its potential ties to the Chinese government.

The app has faced scrutiny from US officials who worry about data collection and content manipulation.

TikTok has repeatedly denied sharing user data with Chinese authorities and has challenged various restrictions in federal court.

(G.Gruner--BBZ)