Trump reports advancements on TikTok situation, plans to travel to China
In a recent phone call, US President Donald Trump and Chinese President Xi Jinping discussed several important matters, marking the second time the two leaders have spoken since Trump's return to the White House.
The conversation centred around a variety of topics, including trade, the ongoing conflict between Russia and Ukraine, the issue of Fentanyl, and the potential deal regarding the popular social media platform, TikTok.
Regarding TikTok, Trump expressed hope that the call would finalize a deal. Under the upcoming agreement, TikTok's US business would be owned by American investors and 'very rich people and companies,' as Trump stated.
The announced consortium controlling TikTok includes mainly American investors, with Oracle managing user data to ensure American control of the algorithm. ByteDance, TikTok's parent company, will retain a 19.9% stake, while the remaining 20% will be held by Chinese shareholders.
The US Congress passed a law last year, during Biden's presidency, to force TikTok's parent company to sell its US operations for national security reasons or face a ban on the app. US policymakers have raised concerns about potential data mining by China and influence on social media content through TikTok.
China, however, has expressed its hope for an open, fair, and non-discriminatory business environment for Chinese companies investing in the US. They also maintain that they respect enterprises conducting business negotiations based on market rules.
In a related development, China warned ByteDance to comply with Chinese laws and regulations. This comes as Oracle owner Larry Ellison, a supporter of Trump, is set to be involved in TikTok's control or influence, as suggested by the potential consortium that includes tech giant Oracle, Silver Lake, and Andreessen Horowitz, according to The Wall Street Journal.
Trump also mentioned that Xi would visit the US at an unspecified time and that the two leaders would speak again by telephone. He further mentioned plans to meet Xi on the sidelines of an Asia-Pacific Economic Cooperation forum summit in South Korea next month and to travel to China next year.
The phone meeting between Trump and Xi comes after several significant events, including Xi organizing a major summit this month with the leaders of Russia and India, and inviting North Korean leader Kim Jong Un to observe a military parade in Beijing to mark the end of World War II. Xi voiced appreciation for the US role in World War II in the Chinese social media readout.
Trump accused China and Russia of conspiring against the United States. He also mentioned that Washington and Beijing reached a deal to reduce levies, with the US imposing 30% duties on imports of Chinese goods and China hitting US products with a 10% tariff. This deal expires in November.
The tariffs between the US and China were dramatically increased during a dispute earlier this year, disrupting global supply chains. However, neither side reported a final agreement, with Trump stating that the call was 'very productive.'
In a post on his Truth Social platform, Trump wrote that they discussed several issues, including trade, Fentanyl, the war between Russia and Ukraine, and the approval of the TikTok deal.
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