A source familiar with the negotiations revealed that President Trump’s efforts to secure a US buyer for TikTok were in their final stages earlier this week. However, the announcement of global tariffs by Trump threw a wrench into the deal, resulting in its derailment.
By Wednesday, Trump administration officials had reached an agreement for Trump to sign an executive order permitting the sale of the social media app from its Chinese parent company ByteDance to a US investor majority-owned entity. This move would have shifted ByteDance to a minority ownership position, aligning with the divestment legislation approved by Congress and signed by former President Joe Biden.
The agreement also included an extension of the sale deadline by four months to allow for the finalization of financial arrangements and necessary paperwork. Nevertheless, ByteDance representatives pulled out of the deal following Trump’s decision to impose a 34% tariff on China, leading to further discussions on the trade dispute.
Vice President JD Vance had been spearheading discussions on the TikTok sale, engaging with various American investors over the past few months. This situation is still evolving, and updates will be provided as they become available.
