Trump and Beijing face off again: Both don’t like ByteDance’s Oracle deal but for different reasons
- Trump said on Monday he would not approve a deal between Oracle and TikTok unless the US owners gain control
US President Donald Trump and Beijing are at loggerheads over ByteDance’s deal with Oracle and Walmart for its US TikTok assets, with Trump wanting US control to safeguard national security and Beijing reluctant to approve a deal that looks like a US victory.
And the war of words between the two sides risks throwing the carefully negotiated transaction into deeper uncertainty, amid worsening relations between China and the US.
Trump said on Monday he would not approve a deal between Oracle and TikTok unless the US owners gain control over the popular Chinese-owned, video-sharing app, in a reversal of his statement over the weekend that the deal had his “blessing”.
In an interview on Fox News, Trump said he would not support the deal if ByteDance retains control of TikTok. ByteDance “will have nothing to do with it, and if they do, we just won’t make the deal,” Trump said.
“They [Oracle and Walmart] are going to have total control over it. They’re going to own the controlling interest. And if we find that they don’t have total control, then we’re not going to approve the deal,” Trump said.
Trump also indicated that he expected Chinese influence to be diluted by a public offering of TikTok Global, which is expected to take place on an American stock exchange within 12 months.