Trump Extends TikTok Sale Deadline Amidst Trade Tensions

President Trump extended the deadline for ByteDance to sell TikTok's U.S. assets by 75 days, amid ongoing trade tensions with China. The extension aims to secure necessary approvals for the deal, which faces obstacles including Chinese government approval and potential shifts in ownership stakes.

In a significant move amid escalating trade tensions, President Donald Trump has pushed the deadline for the Chinese technology company ByteDance to sell its U.S. TikTok assets by 75 days. Originally set to face a ban in January, the extension aims to secure all necessary approvals for the much-debated deal.

The extension comes as U.S.-China tariffs soar, with Trump hiking tariffs by 34%, prompting swift retaliation from China. Eager to negotiate a settlement, Trump expressed readiness to lower tariffs if a deal with ByteDance could be finalized. However, unresolved key issues remain under discussion with U.S. government officials.

With the deadline now set for mid-June, the potential deal involves non-Chinese investors acquiring TikTok's U.S. operations, diluting Chinese ownership to comply with U.S. laws. The negotiations involve significant players such as Susquehanna International Group and General Atlantic, with Walmart also expressing interest in joining the investment group.

(With inputs from agencies.)