Bianco Research President Jim Bianco discusses whether President Donald Trump’s tariffs will affect the Federal Reserve “making money.”
The report said the US would not agree to a contract with U.S. Tiktok to support a new company owned by US investors, citing the Trump administration’s tariffs.
The transaction was approved by investors, the US government, and owners of China-owned Baitedan and Tiktok, citing two sources.
The ordinance maintains the interests of Tiktok minority shares under the contract.
President Trump On Wednesday, in addition to the previously announced 20% tariffs, a 34% tariff on goods coming to the US from China was announced.
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As the US has approached spinoff its US business into a new company owned by US investors by signing a deal with China-owned Tiktok, the Chinese government said it disagrees with it, citing the Trump administration’s tariffs. (Robyn Beck/AFP via Getty Images/Getty Images)
Tiktok faced a US ban in January if he failed to sell to US investors, but Trump extended the deadline when he took office and again on Friday.
“My administration has worked very hard to save Tiktok. We have made great strides,” he wrote on Friday about the True Society. “This transaction requires more work to ensure that all necessary approvals are signed, which is why we are signing an enforcement order to keep Tiktok up and running for an additional 75 days.”
On Wednesday, President Trump announced a 34% tariff on goods coming to the US, in addition to the previously announced 20% tariffs. (Get McNamee / Getty Images / Getty Images)
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He said, “We want to continue our work with China in good faith. We are not very satisfied with our mutual tariffs (needed for fair and balanced trade between China and the United States!) which proves that tariffs are the most powerful economic tool and are extremely important for national security! We look forward to working with Tiktok and China.
China announced retaliation 34% tariffs in the US on Friday (Ton Molina/Bloomberg via Getty Images)
China announced retaliation 34% tariffs in the US on Friday
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Trump said he is willing to negotiate tariffs if China agrees to the ordinance contract.
Reuters contributed to this report.
