In November, the Supreme Court may make its decision on the legality of tariffs. Until then, China and the U.S. will continue to meet to discuss trade.
Ahead of China's President Xi meeting with U.S. President Trump, officials reportedly reached an agreement on the TikTok sale. This is a framework agreement for acquiring TikTok, which has 170 million U.S. users. Treasury Secretary Bessent said that the app would preserve the culture of TikTok. The U.S. is only interested in the national security aspect of the app.
A potential deal is a setback for Meta Platforms (META), Grok, Google’s YouTube, and Pinterest (PINS). A thriving TikTok app in the U.S. would increase competition for those firms. YouTube, for example, launched Shorts to compete with TikTok.
Trump said that on Friday, he will speak to President Xi about the U.S. holding a stake in TikTok. Should a deal not materialize, the U.S. President has already said he would extend a deadline. The app currently faces a September 17 deadline.
Beijing Fights Back
On Monday, China accused Nvidia (NVDA) of violating its anti-monopoly law in its 2020 deal. China’s State Administration for Market Regulation said that after Nvidia acquired networking gear maker Mellanox Technologies, the violation took place.
Nvidia said that it complies with China’s laws “in all respects.”
