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Trump Ordered ByteDance To Give Up Assets In The US Related To TikTok

Trump Ordered ByteDance To Give Up Assets In The US Related To TikTok

US President Donald Trump has issued a new decree restricting the operation of the Chinese Tiktok app on US territory.

The decree is aimed at retroactively invalidating the purchase of the app by the Beijing-based ByteDance company in 2017 after verification by the Committee on foreign investment (CFIUS), which later became TikTok.

"The Committee began its investigation of the deal last November, and US Treasury Secretary Steve Mnuchin said on Friday that the Agency had completed an "exhaustive review" and "unanimously recommended" that Trump break the deal. US President Donald Trump has signed an Executive order aimed at eliminating the threat posed by the TikTok app to national security," the White House reports.

The decree directs ByteDance and its subsidiaries to divest all assets and get rid of personal user data collected using TikTok or in the United States.

Last week, Trump signed an Executive order that prohibits all transactions by any person or about any property under US jurisdiction with the owner of TikTok ByteDance Ltd 45 days after the decree is published. This decision was justified by the threat to US national security coming from Chinese companies - in particular, from The Tiktok app.

Earlier, us senators passed a bill to ban the use of the TikTok app on mobile devices of civil servants in the United States.

Trump also threatened that TikTok's work in the US would be terminated if It was not sold to an American company by September 15.

Meanwhile, it was reported that Microsoft is in talks with ByteDance about the sale of TikTok, discussing the price of the deal, which ranges from $10 billion to $30 billion. Besides, the American media wrote about Twitter's interest in ByteDance.

Beijing sharply criticized the US administration for putting pressure on the TikTok social network, calling this situation open intimidation and pointing out that it contradicts the principles of a market economy, transparency, and non-discrimination of the WTO.