Trump Considers Tariff Reductions to Finalize TikTok Divestiture Deal
President Trump may lower tariffs on China to aid ByteDance in selling TikTok’s U.S. operations. He emphasized the significant impact of tariffs in negotiations and hinted at the possibility of extending the divestiture deadline beyond April 5, 2023.
President Donald Trump has indicated a potential reduction of tariffs on China to support a deal that would ensure ByteDance divests TikTok’s U.S. operations. During a recent press conference, Trump stated that China would need to cooperate in the divestiture process, suggesting, “Maybe I’ll give them a little reduction in tariffs or something to get it done.” He emphasized the importance of tariffs, noting their greater value compared to TikTok itself.
Despite a national security law mandating ByteDance to divest TikTok’s U.S. operations to avoid a ban, Trump previously signed an executive order postponing the deadline for such a deal until April 5. He has reiterated his support for maintaining a 50% U.S. ownership stake in TikTok through a joint venture, and mentioned the possibility of further extending the deadline for negotiations.
Trump expressed that a form of agreement would ultimately be reached, stating, “We’re going to have a form of a deal, but if it’s not finished, it’s not a big deal. We’ll just extend it.” This follows Vice President JD Vance’s earlier remarks to NBC News, expressing confidence that a satisfactory TikTok agreement would be established by the approaching deadline, ensuring national security concerns are addressed.
In summary, President Trump is considering tariff reductions to facilitate a successful divestiture of TikTok’s U.S. operations from ByteDance. While concerns regarding national security persist, he remains open to extending the deadline for negotiations. The ongoing discussions suggest a commitment to finding a resolution that maintains U.S. interests in TikTok.
Original Source: www.cnbc.com
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