President Trump said he expects to announce terms on a deal with TikTok’s China-based parent company, ByteDance, to sell the popular video-sharing app before a looming deadline takes effect this Saturday.
Trump has until April 5 to find an acceptable buyer for TikTok after issuing an executive order delaying enforcement of a federal law that banned the app unless ByteDance divested. Congress imposed the ban over fears that TikTok is a national security risk that functions as a spying and propaganda tool for Beijing.
“We have a lot of potential buyers. There’s tremendous interest in TikTok,” Trump told reporters late Sunday, according to Reuters. “The decision is going to be my decision, as you know, through Congress. They’ve given me the power to make the decision.”
“I’d like to see TikTok remain alive,” Trump added.
Trump has said he will extend the sale deadline if necessary to complete the deal. Vice President JD Vance has taken the lead on the negotiations.
Several of TikTok’s current US-based investors, including General Atlantic and Sesquehanna, are in talks to take a larger ownership stake in TikTok, as The Post’s Charles Gasparino reported. Larry Ellison’s Oracle is expected to play a key role by ensuring the data of TikTok’s more than 170 million American users is secure.
The Trump administration is likely to announce a grace period of 30 days or potentially longer while officials iron out the details. Meanwhile, ByteDance is expected to retain a minority stake in TikTok.
Sen. Tom Cotton (R-Ark.), who chairs the Senate Intel Committee, has pushed for total divestment by China and expressed concerns about ByteDance remaining involved.
However, Cotton has told people he will table his concerns for the time being as the White House works to secure a deal that would address Congress’ national security concerns.
Last week, Trump floated the possibility that he could offer China a break on tariffs if it signs off on a TikTok deal.
The president has already imposed 20% tariffs on all imports of Chinese goods — and threatened more penalties if trade negotiations don’t bear fruit.
“Maybe I’ll give them a little reduction in tariffs or something to get it done,” Trump said.
With Post wires
