In This Article
- Bloomberg’s Report on TikTok Deal
- What Does Bloomberg Say About the Importance of the TikTok App
On Wednesday, President Trump made an important announcement in the Rose Garden about the terror rates, and this has created an impact on the global economy. Dozens of nations are uncomfortable with these new tariffs, including the United States, where he has imposed a 10% baseline tax on all imports and called this decision an economic emergency and a step to boost domestic manufacturing.
On Friday, just after Trump was ready to sign the TikTok executive order to keep running this social media app for more 75 days to get more time for the TikTok administration to bring it under US ownership.
But, after the announcement of the new tariff against the global nation, particularly China, it has changed the administration’s mind. Now, they demand negotiation in the trades and tariffs and need more time to discuss the sensitive conditions.
Bloomberg’s Report on TikTok Deal
Bloomberg, the digital platform for global and financial information, reports on the global effect of Trump’s tariffs, particularly on the TikTok deal. The Chinese company, ByteDance, which owns the TikTok app, has to find a non-Chinese buyer for the app according to the law passed in 2024; otherwise, the app will be banned.
On April 5, Trump’s first day at the office, he delayed the deal to give more time to the company so it may find the US-based owner. On his Truth social media post, Trump quoted:
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
Although ByteDance has not said anything about the deals or the bidder coming for TikTok and has not announced if it is willing to sell the social media platform or not, things were going fine before the tariffs announcement.
On Friday, according to the sources, China reacted to the heavy tariff reforms and made the decision not to accept the deal until the US government makes a negotiation on the tariffs. This has created a new situation, and the experts are curious what’s going to happen next.
Trump was ready to sign the executive order, according to which the new TikTok owners will be an American-based company and the major operations will be under the control of American investors. On the other hand, ByteDance will have a minority stake after this deal.
To complete the paperwork, financing, and other formalities, the members will have 120 days, and this was going to be one of the most remarkable deals of the year to date, but now, China has changed its mind after the tariff announcement.
The deal had the confidence of existing and new investors along with the current owner, ByteDance, and some administrations. All the points were made under the supervision of Vice President JD Vance’s team, which was in continuous contact with the potential investors and officials.
What Does Bloomberg Say About the Importance of the TikTok App
TikTok is a popular social media app released in September 2016, allowing users to create, watch, and share short videos. It is one of the most popular platforms for trending videos and other content. The basic reason behind its popularity is that it utilizes artificial intelligence to show users the content they want to see. Its “For You” page is the most widely used feature of this app, empowered by an AI algorithm that shows the viewer exactly what they need.
Artificial intelligence is making the apps and websites personalized, making them more efficient and attractive. Therefore, thousands of clients contact Weborik Hub for their remarkable services for the AI integration in their apps and other web solutions.
In short, according to Bloomberg, TikTok is one of the most famous social media apps, and China has to transfer its ownership to a non-Chinese owner, and the company was willing to do so. But the new tariffs announced by Trump have introduced ambiguity into this ownership transfer, and this is going to be a critical decision.
