After a 75-day pause, the enforcement of the TikTok ban law was set to end this weekend in the US. However, on Friday, US President Donald Trump stated on Truth Social that an Executive Order would be signed to keep TikTok operational for another 75 days.
This week, new taxes on goods entering the United States, including a 34% tariff on products from China, were also announced by Donald Trump. The President previously mentioned the possibility of reducing this tax rate if China agreed to a deal regarding TikTok. Despite the approaching deadline, it was Trump who ultimately chose to extend the delay, preventing the TikTok app from being shut down again.
ByteDance has yet to demonstrate a willingness to divest or decrease its holdings as mandated by legislation enacted last year, despite multiple public acquisition offers. Following the announcement of extended timelines, ByteDance made its first public statement regarding negotiation talks, though it avoided specifying the “key matters” requiring resolution before reaching a potential agreement.
Here is what the statement from TikTok says:
ByteDance has been in discussion with the U.S. Government regarding a potential solution for TikTok U.S. An agreement has not been executed. There are key matters to be resolved. Any agreement will be subject to approval under Chinese law.
The Associated Press reported Friday evening, citing unnamed officials, that White House personnel had been optimistic about finalizing arrangements this week until Chinese authorities indicated they would withhold approval without discussions addressing trade policies and tariff structures.
Currently, the roster of reportedly interested suitors for TikTok includes Oracle, Blackstone, Frank McCourt, Amazon, Applovin, Perplexity, and more.