Trump confirms reports that China tariffs killed TikTok deal – Washington Examiner
President Donald Trump confirmed that the U.S. was close to finalizing a deal for the divestment of TikTok untill China backed out due to tariffs he announced. Despite initial agreement between American investors and TikTok’s parent company, ByteDance, the imposition of a 34% tariff by the U.S. altered China’s willingness to proceed with the sale. Trump remarked on the important influence of tariffs, asserting that a reduction in tariffs could have resulted in a swift approval of the deal. Following the collapse of the negotiations, Trump extended the deadline for TikTok to find a U.S. buyer by 75 days, appointing Vice President JD Vance to lead efforts in closing the deal.
Trump confirms reports that China tariffs killed TikTok deal
President Donald Trump confirmed on Sunday night that the United States was “pretty close” to a TikTok divestment deal until China dodged on a sale of the platform because of the tariffs Trump announced against the country on his “Liberation Day” rollout.
The Washington Examiner previously reported that a deal was finalized between American investors and TikTok’s Chinese parent company, ByteDance, that would allow the social media platform to continue operating within the U.S. After the White House slapped a 34% tariff on China, however, the country flipped its position and ByteDance said it could not agree to a sale.
Trump confirmed that reporting in comments to the media 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,” the president said.
He also touted the power of tariffs by saying that if he gave China a “little cut” in the tax the TikTok deal would have been approved in “15 minutes.”
“If I gave a little cut in tariffs, they’d approve that deal in 15 minutes, which shows you the power of tariffs, right?” Trump said.
After the deal failed to come to fruition, Trump announced that the deadline for TikTok to find a U.S. buyer would be extended for 75 days. The previous deadline was April 5, and Vice President JD Vance was tapped to lead the administration’s efforts to find a U.S. buyer for the company.
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