President Donald Trump has extended the deadline for the proposed TikTok ban by an additional 75 days. Trump made the announcement on Truth Social, stating that he is signing an executive order to provide more time for a deal to be finalized. This comes just one day before the original deadline was set to take effect.
Trump expressed that significant progress has been made in working on a deal to keep TikTok operational, and additional time is required to secure all necessary approvals. As a result, the executive order has been extended to keep TikTok running for another 75 days.
This development marks the second time Trump has postponed the deadline for the TikTok ban. Initially, ByteDance was required to sell its U.S. operations by January 19 under a law enacted by former President Joe Biden. However, on his first day in office, Trump signed an executive order granting ByteDance an additional 75 days to arrange a deal.
Before the executive order’s extension, TikTok was temporarily removed from the Apple and Google app stores but was eventually reinstated. According to Bloomberg, Trump reviewed a proposal from a consortium of U.S. investors including Oracle, Blackstone, and Andreessen Horowitz, which is reportedly a leading contender for a potential deal. Other interested parties in acquiring TikTok include Amazon, Perplexity, the Project Liberty consortium led by Frank McCourt, Walmart, and AppLovin, among others.
It is important to note that the Chinese government must approve any deal before it reaches completion. Furthermore, ByteDance, the parent company of TikTok, has not shown willingness to sell TikTok or reduce its ownership stake, as mandated by the TikTok ban law.
This extension follows Trump’s announcement of comprehensive tariffs, including a 34% tariff rate on China, which he may consider reducing to facilitate a TikTok deal. In his statement regarding the deadline extension, Trump emphasized the importance of tariffs as an economic tool and expressed hope for continued collaboration with China to finalize the TikTok deal.
In response to the tariffs, China announced its intention to impose a 34% tariff on all U.S. imports.
