TikTok deal faces complications as US and China ratchet up tit-for-tat

SAN FRANCISCO - On most days, companies like ByteDance, Microsoft, Walmart and Oracle are considered kings within their fields. But over the weekend, it became increasingly clear that they can also be something else: a set of pawns.

Then over the weekend, Beijing threw the whole process for a loop when it updated its export control rules to include some of TikTok's key technologies - a sign that the Chinese government could exert its authority to delay or scuttle any deal at the last minute. "Certainly this deal and high tech in general is now inherently politicised, and there's no escaping it," said Mr Scott Kennedy, a China expert at the Centre for Strategic and International Studies."As long as the US and China have such low trust of each other, the way TikTok is being treated, and the way American companies may be treated in China, may become the new normal.

In Washington, China's new export measures were widely seen as a potential poison pill for the TikTok deal. If China does move to block TikTok's sale, that could goad Mr Trump into taking harsher action, further escalating tensions between the US and China. Mr Peter Navarro, the White House trade adviser known for his harsh criticism of China, said in an interview on Monday that it was"critical" that Americans not use apps that are made in China because Beijing could use them to surveil, track and potentially even extort Americans.

Mr Navarro said he was not part of the negotiations over TikTok's sale, a deal that was being reviewed by the Treasury Department. The White House referred a request for comment to the Treasury Department, which did not respond.

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks of TikTok US suitors hit by fears of China blockShares of TikTok U.S. suitors Microsoft Corp, Oracle Corp and Walmart Inc fell on Monday after China's move to restrict some technology exports ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Thailand delays US$724m China submarine deal after public angerBANGKOK: Thailand delayed on Monday its US$724 million purchase of two submarines from China, following public outrage over the controversial deal ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US announces Taiwan initiative, declassifies documents, citing China pressureWASHINGTON (REUTERS) - The United States said on Monday (Aug 31) it was establishing a new bilateral economic dialogue with Taiwan, an initiative it said was aimed at strengthening ties with Taipei and supporting it in the face of increasing pressure from Beijing.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

US sanctions over South China Sea will not affect blacklisted Chinese construction giant CCCC, company saysThe dredging business of state-owned engineering giant China Communications Construction Company (CCCC) will not be adversely affected by fresh US sanctions, but questions remain as to whether there could be reputational damage to its Australian and US subsidiaries, including a marine engineering group
Source: YahooSG - 🏆 3. / 71 Read more »

TikTok says it has not received a bid from Centricus and Triller[NEW YORK] Investment firm Centricus Asset Management and social media app Triller have not submitted an offer for the TikTok assets that China's ByteDance is seeking to a divest, a spokesman for the short video app said on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Exclusive: TPG explores US$8 billion sale of US cable operator AstoundPrivate equity firm TPG is exploring a sale of Astound that could value the owner of a U.S. network of regional cable TV and internet providers at ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »