US President Donald Trump raised questions on Wednesday about plans by China’s ByteDance to keep a majority stake in the US operations of popular social media platform TikTok.
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A senior Chinese official has accused the US, which forced the sale of TikTok on national security grounds, of “economic bullying”, while lambasting European Union restrictions on Huawei.
ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s US operations to Microsoft in favour of a partnership with Oracle was the culmination of weeks of pressure.
ByteDance abandoned the sale of TikTok in the US on Sunday to pursue a partnership with Oracle that it hopes will spare it a US ban while appeasing China’s government, people familiar with the matter said.
ByteDance is increasingly likely to miss a Trump administration deadline for the sale of its TikTok US operations after new Chinese regulations complicated negotiations with bidders Microsoft and Oracle.
China has announced an initiative to establish global standards on data security, saying it wants to promote multilateralism in the area at a time when “individual countries” are “bullying” others.
SMIC tumbled the most in seven weeks following a report that the Trump administration was considering adding the chip maker to a blacklist amid an escalating crackdown on Chinese tech companies.
US President Donald Trump insists that any sale of TikTok include a cut for the federal government, yet that demand has baffled policy experts and lawyers.
China is planning a sweeping set of new government policies to develop its domestic semiconductor industry, conferring the same kind of priority on the effort it accorded to building its atomic capability.
A group representing major Internet companies has urged a US regulator to reject a Trump administration bid to narrow the ability of social media companies to remove objectionable content.