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Technology |
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TikTok deal pulled after Trump tariff announcement |
A finalized TikTok deal was pulled Thursday after President Trump announced massive new tariffs against China. |
Trump was poised to sign an executive order approving a deal that would have seen TikTok's U.S. operations spun off into a new company, a source familiar with the negotiations told The Hill. This would have allowed the popular social media app to continue operating in the U.S. in the face of a law requiring its China-based parent company ByteDance to divest from the app or face a ban. However, ByteDance representatives told the White House after Trump's tariff announcement Wednesday that China would no longer approve the deal without negotiations on tariffs, according to the source. It had been expected that China would approve a proposed deal that had been in the works for months until the tariffs were announced by Trump. The White House has not publicly commented on the apparent backing out. While speaking to reporters on Air Force One on Thursday, Trump used China and TikTok as an example of using tariffs to negotiate. "We have a situation with TikTok where China will probably say we'll approve a deal, but will you do something on the tariffs. The tariffs give us great power to negotiate. They always have. I've used them very well in the first administration. Now we're taking it to a whole new level," Trump said. When asked if these were talks he was having with China he said, "No I'm just using that as an example." Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
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President Trump said Friday that he plans to give TikTok another 75-day extension as his administration nears a deal to avert a ban on the popular social media platform. "My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress," he wrote Friday on Truth Social. "The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive … |
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The Trump administration has fired the director of the National Security Agency as well as his deputy, prompting outrage from congressional Democrats. Director Gen. Timothy Haugh was ousted late Thursday along with his civilian deputy Wendy Noble, a decision that followed the firing of several other top national security staffers earlier that day. Haugh, who also leads the U.S. Cyber Command, has more than 30 years experience … |
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Meta, the parent company of Facebook and Instagram, will officially end its fact-checking program Monday, a top company official said. "By Monday afternoon, our fact-checking program in the US will be officially over," Joel Kaplan, Meta's chief global affairs officer, said in a post on social platform X. "That means no new fact checks and no fact checkers." "In place of fact checks, the first Community Notes will start … |
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News we've flagged from the intersection of tech and other topics: |
- Meta nears release of new AI model Llama 4 (The Information)
- Elon Musk's Department of Government Efficiency (DOGE) arrives at the Federal Trade Commission (The Verge)
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SEC weighs in on stablecoins |
Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington. |
The Securities and Exchange Commission (SEC) is weighing in on stablecoins, as Congress makes progress on new legislation to establish a framework for the crypto token. In a Friday statement, the SEC said it did not consider stablecoins to be securities, nor do they consider the acts of minting and selling them as securities-related activity that would need to be disclosed to the agency. To be sure, the SEC said it views stablecoins as tokens designed to maintain a stable value when compared to the U.S. dollar that are readily redeemable and backed by a reserve — the common definition, but one that could exclude other types of crypto tokens. But the statement laid the groundwork for an expansion of a stablecoin market that was hindered by regulatory uncertainty. The House Financial Services Committee advanced this week a bill that would create a regulatory framework for stablecoins. If passed by the full House and Senate, it would become the most significant crypto law passed since the industry's formation. |
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Branch out with other reads on The Hill: |
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Why Trump's tariffs are so bad for Big Tech |
President Trump's sweeping new slate of tariffs is poised to strike a blow at the tech industry, as massive import taxes on China and Taiwan disrupt trade flows that are central to tech firms' business models. Trump announced tariffs upwards of 30 percent on both China and Taiwan on Wednesday as part of an expansive lineup of tariffs targeting imports across the board. Tech companies who depend extensively on … |
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Two key stories on The Hill right now: |
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Nationwide protests are set to take place Saturday in opposition to the Trump administration and its allies, with leaders vowing to stand up to push … Read more |
| President Trump on Thursday confirmed a reported purge of national security agencies this week, with firings of at least a half dozen officials in … Read more |
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Opinion related to tech submitted to The Hill: |
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You're all caught up. See you next week! |
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