Trump extends TikTok sale deadline by 75 days as US-China trade war escalates

President Donald Trump on Friday extended by 75 days a deadline for Chinese technology company ByteDance to sell U.S. assets of popular short video app TikTok to a non-Chinese buyer or face a ban that was supposed to have taken effect in January under a 2024 law.

Taking to Truth Social, Trump said, “My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress. The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days.”

Trump had set the deadline in January and was supposed to have expired tomorrow (Saturday).

“We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs (Necessary for Fair and Balanced Trade between China and the U.S.A.!). This proves that Tariffs are the most powerful Economic tool, and very important to our National Security! We do not want TikTok to “go dark.” We look forward to working with TikTok and China to close the Deal. Thank you for your attention to this matter!” Trump added.

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China is now subject to a 54% tariff on goods imported into the US after Trump announced a 34% increase this week, leading to China’s retaliation on Friday.

Trump has indicated he might reduce tariffs on China to facilitate a deal for ByteDance to sell TikTok, which is used by 170 million Americans.

Trump mentioned that his administration is in contact with four different groups regarding a potential TikTok deal, although he has not disclosed their identities.

A significant hurdle for any agreement concerning TikTok’s US operations is the need for approval from the Chinese government. China has yet to publicly commit to allowing a sale, and Trump’s remarks hint at renewed Chinese resistance.

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Congress passed the measure last year with overwhelming bipartisan support, as lawmakers cited the risk of the Chinese government exploiting TikTok to spy on Americans and carry out covert influence operations. Democratic then-President Joe Biden signed it into law.

Some lawmakers have said Trump must enforce the law, which had required TikTok to stop operating by January 19 unless ByteDance had completed a divestiture of the app’s US assets.

Trump began his second term as president on January 20 and opted not to enforce it.

The Justice Department earlier told Apple and Google that it would not enforce the law, which led them to restore the app for new downloads.

The new Trump order will set a mid-June deadline for a deal.

The White House-led talks on the future of TikTok are coalescing around a plan for the biggest non-Chinese investors in parent company ByteDance to increase their stakes and acquire the app’s U.S. operations, Reuters has reported.

The plan entails spinning off a U.S. entity for TikTok and diluting Chinese ownership in the new business to below the 20 percent threshold required by U.S. law, rescuing the app from a looming U.S. ban, sources have told Reuters.

Jeff Yass’ Susquehanna International Group and Bill Ford’s General Atlantic, both of which are represented on ByteDance’s board, are leading discussions with the White House, Reuters has reported.

Walmart is also considering joining a group of investors in a deal for TikTok, an ABC News reporter said on social media. The big retailer, which had expressed an interest in investing in TikTok in 2020, did not immediately respond to a Reuters’ request for comment.

With inputs from agencies