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The US president earlier said they were close to an agreement, but China backed out after Washington raised its tariffs
US President Donald Trump has expressed optimism about reaching a deal on the sale of TikTok’s US operations to American investors, despite the escalating tariffs on Chinese imports.
TikTok, a popular short-form video platform owned by Chinese tech company ByteDance, has faced scrutiny from US lawmakers over national security concerns. Speaking to reporters in the Oval Office on Wednesday, Trump said an agreement is “very much on the table.”
The US formally implemented the increased tariffs on Chinese imports this week, marking the highest rate yet in the ongoing trade dispute. In an effort to ease tensions with other trading partners, Trump announced a 90-day pause on reciprocal tariffs for 185 countries, temporarily lowering them to 10%. However, tariffs on Chinese goods remain at an elevated rate of 125%. In response, China has increased tariffs on US imports to 84% and blacklisted 11 American companies, further escalating the trade dispute.
“Obviously, I would say right now China is not exactly thrilled about signing it,” Trump said. “We have a deal with some very good people, some very rich companies that would do a great job with it, but we’re going to have to wait and see what’s going to happen with China,” he told reporters. “It’s on the table very much. I think China’s going to want to do it, actually.”
Last week, Trump acknowledged that China might be reluctant to move forward with the TikTok agreement due to the latest tariff increases. He suggested, however, that a reduction in tariffs could expedite approval of the deal, saying China would agree “in 15 minutes” if these concessions were made. The proposed plan would reportedly restructure TikTok’s US operations into a new American-based company, majority-owned and controlled by US investors.
On Friday Trump signed an executive order granting TikTok a 75-day extension to secure a US-based buyer, postponing the potential ban. The extension marks the second delay in TikTok’s divest-or-ban deadline, originally set for April, 5. The initial extension was granted when Trump first entered office in January.
Democratic Senators Mark Warner and Ed Markey criticized the extension, saying Trump lacks the legal authority to grant it. On Wednesday, Markey attempted to pass a bill to move the deadline to October, but the effort was blocked.
China has said that any agreement over TikTok must comply with its laws and that Beijing opposes moves that violate market principles and harm legitimate business interests.
