The Great TikTok Stall: Tariffs Put US Operations on Hold

President Donald Trump disclosed that China's complaints about fresh US tariffs have halted a near-completed sale of TikTok's US business to American investors. Trump told aboard Air Force One, "We had a deal pretty much for TikTok—not a deal but pretty close—and then China changed the deal because of tariffs." He noted that a small tariff reduction could have finalized the deal within 15 minutes.
The standoff comes after Trump imposed a draconian 34% tariff on Chinese imports, which has elicited retaliatory action from Beijing. ByteDance-owned TikTok is under threat of being shut down under US legislation unless it is sold. Despite continued talks and extensions, the agreement remains unfinished, with both parties entangled in a larger trade standoff.
Trump's government still demands a resolution, emphasizing the application's significance to more than 170 million US users.

Source: Fortune