China suspended a Tiktok Agreement after Trump’s rates – media

The TikTok American Assets Agreement was suspended after China stated that it would not approve it after the tariffs imposed by US President Donald Trump this week.

Source: The Associated Press, Reuters with reference to sources

On Friday, Trump extended a 75 days for the sale of TikTok’s assets to American investors. If the agreement is not concluded, the application may be banned in the US.

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The agreement provided for the allocation of TikTok into a separate company with US investors as majority shareholders, while attedance would remain less than 20%.

BYTEDANCE representatives called the White House to report that China would not approve the agreement until trade and tariff negotiations are held, sources say.

Trump explained his decision on social networks: “My administration has made great progress in the Tiktok Agreement. The agreement needs further work to ensure signing of all necessary approval, so I sign a decree extending for another 75 days. We hope to cooperate with China to conclude an agreement.”

China, in turn, did not take on public obligations to sell and expressed his dissatisfaction with the US actions, noting that tariffs were contrary to the principles of a market economy.

The representative of Bytedance confirmed in his statement that the company discussed a “potential decision” with the US government, but noted that the “agreement was not concluded”.

“There are key issues that need to be resolved,” said the company representative. “Any agreement is approved in accordance with Chinese legislation.”

That preceded: Trump stated that the TikTok sale agreement should be concluded by the end of the day on Saturday, April 5.

Prehistory:

• In mid -January, TikTok access to the United States had to close for national security reasons and the process has already begun, but Trump delayed the ban on the White House for another 75 days.
• By decision, adopted under the former administration, Joe Biden, the platform needs to find a buyer registered in the United States to avoid ban.
• The media got information that Ilon Musk could become such a buyer and that in China they considered it as a permissible concession. In the leadership of the platform, however, these rumors were called unfounded.
• However, American billionaire Ilon Musk said he was not interested in buying a Tiktok platform.