US President Donald Trump has again extended the deadline for the Chinese company bytedance, Tiktok’s controller, discharges the platform’s operations in the United States – this time until December 16 – avoiding the national application of the application.
On Tuesday, Trump signed an executive order to grant more time to finalize the sale of the popular video sharing app after recent negotiations between US and China representatives that resulted in a preliminary agreement.
Earlier, the president told reporters that he had “an agreement about Tiktok” with the Chinese, leaving the White House for an official visit to the UK, but did not reveal the companies involved. Trump should talk on Friday with Chinese leader Xi Jinping about the plan.
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Treasury Secretary Scott Bessent said in an interview with CNBC that the agreement is similar to trade terms previously traded and indicated that Trump and Xi will finalize the deal this week.
“This agreement would not be closed without proper safeguards for US National Security,” said Bessent. “It seems that we can also meet Chinese interests.”
Tiktok operations in the US would be controlled by a group that includes Oracle Corp., Silver Lake and Andreessen Horowitz, according to the Wall Street Journal, citing sources close to the agreement.
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CNBC reported that Oracle would maintain Tiktok’s cloud contract within the discussion agreement, which can be closed in 30 to 45 days. Several versions of a solution involving Oracle as Tiktok’s technical partner have been considered over the years.
Oracle shares rose up to 5.9% in New York on Tuesday. The role of the company accumulates 85% high in the year, driven by the growth of the cloud infrastructure business.
Trump’s executive order is the fourth extension as long as the National Security Act that requires Bytedance to sell Tiktok’s business in the US came into force in January. Since then, Trump has guided the Justice Department not to apply the law or penalize other companies that support Tiktok.
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Trump granted another extension even if the 2024 National Security Law allows only an extension of 90 days of the deadline. This posture challenges the bipartisan consensus behind the sales or banishment requirement – and raises doubts about the legality of the president’s repeated extensions.
The terms of the new potential agreement, and if they would meet the requirements of the National Security Act, are not yet clear, but the willingness to contest Trump legal or politically about their approach to Tiktok has decreased.
Tuesday’s extension allows Tiktok to continue operating in the US, and partners such as Apple Inc. and Google’s owner Alphabet Inc. keep the app in its online stores while management negotiates an “qualified disinvestment” agreement for a non-Chinese owner.
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Although several buyers have shown interest in Tiktok last year, Chinese authorities in Beijing have the final word about any transaction and expressed opposition to an agreement by the end of August. In the past, the administration also indicated to be close to an agreement that did not materialize.
Before Bessent’s announcement, Trump told reporters that he could “let the matter die” and that the decision was “in the hands of China.”
The AMERICANS FROMIGN ADVERIGNS CONTROLLED APPLICATIONS Act Law is created to deal with concerns that the popular application, used by about half of the American population, could be used by Beijing to manipulate public opinion and collect sensitive data from Americans. The measure had wide bipartisan support and was sanctioned by then -President Joe Biden.
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But Trump, who believes the application helped him win young voters in the last election, has been reluctant to apply the ban. More recently, he minimized concerns with privacy and national security, saying in August that they are “very overwhelmed.” Days earlier, the White House released its own account in Tiktok.
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