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Trump rules out extra time for Bytedance in TikTok US sale

President Trump said he won’t give Chinese tech giant ByteDance any more time to sell TikTok’s US operations before the feds ban the popular app.

“We’ll either close up TikTok in this country for security reasons or it’ll be sold,” Trump told reporters Thursday before a trip to Michigan. “I’m not extending deadlines.”

The president’s comments added to the pressure for an American company to buy the short-video platform within weeks, an already difficult deal that the Chinese government has made more complex.

Trump said Thursday that the sale deadline was Sept. 15, suggesting the government was mere days away from shutting down TikTok in the US. But his Aug. 6 executive order banning transactions between ByteDance and American companies won’t take effect until Sept. 20.

ByteDance could have a tough time meeting that deadline because of new Chinese export rules that would likely subject the TikTok deal to a government licensing procedure there — a process that may take until after the Nov. 3 presidential election, according to Bloomberg News.

A separate order Trump issued Aug. 14 gave ByteDance 90 days to divest the app’s US operations, suggesting that it had until Nov. 12 to find an American buyer. TikTok’s suitors include Microsoft — which is working on a bid with Walmart — and software giant Oracle.

NY Post

Source: vanguardngr.com