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Investing.com -- The Chinese company ByteDance is nearing its deadline to sell the U.S. assets of TikTok to a non-Chinese buyer. The deadline, set by President Donald Trump, falls on Saturday. If ByteDance fails to meet this deadline, it could face a ban that was expected to take effect in January, according to a law passed in 2024.
President Trump stated on Thursday that his administration is on the verge of finalizing a deal regarding TikTok, with several investors participating. However, no specific details about the potential buyers were disclosed.
A White House official mentioned on Friday that any future news about TikTok’s situation would be announced by President Trump at a time of his choosing. This statement came a day after Trump declared a baseline tariff of 10% on all U.S. imports and higher duties on some of the country’s biggest trading partners. Consequently, China is now subjected to a 54% tariff on goods imported into the U.S.
TikTok has not yet provided a response to these developments.
Last week, it was reported that the private equity firm Blackstone (NYSE:BX) is considering making a minor investment in TikTok’s U.S. operations.
Discussions about TikTok’s future are currently focused on a plan for the major non-Chinese investors in ByteDance to increase their stakes and purchase the U.S. operations of the short-video app. This was reported last month.
President Trump has stated that his administration has been in contact with four different groups about a potential TikTok deal. However, he did not reveal the identities of these groups.
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