China tightens tech export controls jeopardizing TikTok deal, reports say


The TikTok app icon sits displayed on a smartphone in front the national flags of China and the U.S. in this arranged photograph in London, U.K., on Monday, Aug. 3, 2020.

Hollie Adams | Bloomberg | Getty Images

An updated export rule from China could jeopardize the sale of TikTok’s  U.S. operations, according to reports published Saturday in The Wall Street Journal and The New York Times. 

According to the reports, China updated its export control rules to incorporate technology that could include TikTok, a claim later reasserted by commentary published in China’s state-controlled Xinhua news agency on Saturday.

Cui Fan, a professor of international trade in Beijing, told Xinhua that ByteDance would probably have to get approval from the Chinese government and suggested the company may have to suspend negotiations on TikTok’s sale. 

CNBC reported Thursday that TikTok would announce the sale of its U.S., Canadian, Australian and New Zealand operations in the coming days in a deal worth $20 billion to $30 billion. ByteDance is considering offers from multiple companies, including Oracle and a joint bid from Walmart and Microsoft. 

President Donald Trump issued an executive order earlier this month that would ban U.S. transactions with TikTok’s parent company, ByteDance. The company filed a lawsuit against the federal government over the Trump administrations’ efforts to block TikTok on Monday. 

TikTok wasn’t immediately available for comment regarding the reports. 



Source link

Discover

Sponsor

Latest

How to handle taxes on Covid withdrawals from retirement accounts

MoMo Productions | DigitalVision | Getty ImagesThat early withdrawal from your retirement account last year may have been a life saver. Now, it's...

Missed the deadline to max out your 401(k)? Here’s what you can do

XiFotos | E+ | Getty ImagesIf you planned to max out your 401(k) or other employer-sponsored retirement plan before the end of the...

Walmart has the ‘secret sauce’ to turn profits online, ex-CEO says

Walmart's soon-to-launch subscription service may lay the path for the company's online business to turn a profit, former CEO Bill Simon told CNBC...

Tips to starting off your New Year committed to health and wellness

submitted by /u/bbbbbrrrruuuhh1 Source link

Appeals court sends lawsuit over Trump financial records back to lower court

U.S. President Donald Trump arrives to speak about the administration's coronavirus disease (COVID-19) testing plan in the Rose Garden at the White House...