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#Trump wants to see US ‘compensated’ for TikTok deal

#Trump wants to see US ‘compensated’ for TikTok deal

September 1, 2020 | 5:03pm

President Trump has told individuals involved in the sale of TikTok’s US assets from its Chinese parent company that he wants to see a deal that compensates the United States.

Speaking to reporters before boarding Air Force One, the commander-in-chief said, “I told them they have until Sept. 15 to make a deal — after that we close it up in this country.

“I said the United States has to be compensated, well compensated, because we are the ones that are making it possible, and so we should be compensated. So, the Treasury has to be well compensated.”

Trump did not specify where he was hoping to see compensation from as part of the deal, however Bloomberg News reports that White House staff are looking at collecting funds from compliance costs.

The president issued an executive order in mid-August giving ByteDance, a Chinese media company and TikTok’s parent company, 90 days to divest in the platform’s US operations or see it shut down.

Since then, numerous potential bids for the video-sharing app have been made, including a joint offer from Microsoft and Walmart, one from software giant Oracle and one from rival video app Triller.

On Friday, Triller claimed it had made a $20 billion bid with Centricus Asset Management, though ByteDance denied being in talks with the rival company.

Microsoft and Walmart’s joint bid is widely considered to be the leading contender.

The Trump administration has been critical of TikTok in the past year due to its ties to the Chinese Communist Party, accusations of censorship of any dissident content in Hong Kong, as well as repeated concerns of user data being shared with Beijing.

In what appeared to be an effort to block the sale to an American buyer, China placed red tape on the video-sharing platform on Friday.

tiktok
Alamy Stock Photo

The Chinese Ministry of Commerce added 23 items to a list of technologies that require Beijing’s approval before they could be exported, which reportedly included a type artificial-intelligence technology that plays a key role for TikTok.

The app uses an algorithm to feed users a stream of videos based on their preferences and behavior.

The move will require ByteDance to go through new licensing procedures in order to transfer its software code out of China to the US as part of any sale.

“We are studying the new regulations that were released Friday,” ByteDance general counsel Erich Andersen told The Post in a statement Friday. “As with any cross-border transaction, we will follow the applicable laws, which in this case include those of the US and China.”

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