Impact of Trump’s tariffs: Markets crash, China hits back, no deal on TikTok

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Impact of Trump’s tariffs: Markets crash, China hits back, no deal on TikTok - YourStory

Quick Summary:

In February and March, Trump slapped two rounds of 10 per cent tariffs on Chinese goods, citing allegations of Beijing's role in the fentanyl crisis.

But on Friday it became uncertain whether a tentative deal could be announced after the Chinese government's reversal of its position complicated TikTok's ability to send clear signals about the nature of the agreement that had been reached for fear of upsetting its negotiations with Chinese regulators.

The order was announced as White House officials believed they were nearing a deal for the app's operations to be spun off into a new company based in the US and owned and operated by a majority of American investors, with China's ByteDance maintaining a minority position, according to a person familiar with the matter.