WASHINGTON: President Donald Trump's unprecedented demand that the United States get a cut of the proceeds from the forced sale of Chinese internet giant ByteDance's short-video app TikTok is based on an interpretation of U.S law that regulatory lawyers say may be open to challenges.
"A very substantial portion of that price is going to have to come into the Treasury of the United States because we're making it possible for this deal to happen," Trump told reporters on Monday. While CFIUS has never before sought a cut from the proceeds of a divestiture it has ordered, the White House could argue that imposing a fee on Bytedance would deprive it of resources that would otherwise support China's government on technology initiatives that could harm U.S. interests, some of the legal experts added."It's certainly inconsistent with the intent of Congress ...
U.S. law states that presidential decisions blocking deals on national security grounds are not subject to judicial reviews. However, a legal challenge is possible under the fifth amendment of the U.S. Constitution, which prohibits the government from seizing property without just compensation, as well as other laws, legal experts said.
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