WASHINGTON – China is likely to receive tariff relief if a deal is finalized between the United States (US) and the social media app TikTok.
US President Donald Trump stated that the country is very close to reaching a deal with TikTok.
Trump added that if the deal is approved, China could be granted relief from the tariffs.
According to foreign media reports, TikTok must find a non-Chinese buyer by Saturday (tomorrow) to avoid a potential ban in the US.
Just a day earlier, President Trump imposed a minimum 10% tariff on imported goods from countries around the world.
Following Trump’s announcement of new tariffs on global imports, international markets witnessed major turmoil as several countries criticized the US president’s move as unfair.
Previously the reports emerged that the Chinese officials were exploring the possibility of selling TikTok’s US operations to Elon Musk if the platform failed to avoid a proposed ban by US authorities.
According to a Bloomberg report cited by the foreign media, the Chinese officials preferred keeping TikTok under its parent company, ByteDance Ltd. However, the US Supreme Court had given ByteDance until January 19 to either sell TikTok’s US operations or face a ban over national security concerns.
The platform, used by approximately 170 million Americans, is under investigation for allegedly collecting US user data and posing risks to the national security.
The Speculation about a ban has intensified as newly elected US President Donald Trump prepares to take office, with his administration expected to adopt a tough stance on China.
TikTok’s parent company has been fighting the proposed ban in court but the recent developments suggested the judges may uphold the decision.
If Elon Musk purchaseD TikTok, it could reshape the platform’s operations much like his acquisition of Twitter which he rebranded and transformed.
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