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Trump signs executive order delaying ban on TikTok

Trump signs executive order delaying ban on TikTok

USA Todaya day ago

Trump signs executive order delaying ban on TikTok - again The 90-day extension marks the third time that Trump has delayed a TikTok sell-or-ban law from going into effect after it it was passed by Congress.
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Tiktok stays as President Donald Trump extends deadline for ban
President Donald Trump signed an executive order extending the deadline to ban Tiktok.
WASHINGTON − President Donald Trump has again extended the deadline for a TikTok ban to go into effect, allowing the Chinese-owned social platform to continue operating for the 90 days.
Trump said earlier in the week that he planned to give TikTok a third extension and signed an executive order on June 19 making it official. It was the third time that Trump authorized a delay.
TikTok and Tariffs: Trump postpones TikTok deadline as talks continue to sell social media giant
The popular social media app's parent company, ByteDance, now has until Sept. 17 to secure a deal that satisfies a legal requirement. Lawmakers ordered TikTok to divest from its Chinese ownership or face a ban in the United States over national security concerns.
Former President Joe Biden signed the bipartisan legislation into law. And the Supreme Court held the ban. But since returning to office, Trump has directed the Department of Justice not to enforce it. His executive orders have kept the app from going dark.
White House press secretary Karoline Leavitt said the administration's lawyers "strongly believe" the president has the legal authority to delay enforcement.
"The political reasoning for this, of course, is because the president made a promise to keep TikTok on," she said. "He also wants to protect American's data and privacy concerns on this app, and he believes we can do both things at the same time. So he's making an extension so we can get this deal done."
Trump ordered Vice President JD Vance and his then-national security adviser, Mike Waltz, to help facilitate a deal that would prevent user data from being accessed by the Chinese government. U.S. officials said they were on the verge of reaching an agreement in April but hit stumbling blocks when Trump ratcheted up tariffs on China.
Is TikTok getting banned? Trump says he'll 'probably' extend deadline again
Trade relations between the two nations have improved since then but a TikTok deal remains on ice. It was not clear if TikTok came up when Chinese President Xi Jinping and Trump spoke by phone for the first time on June 5.
"We probably have to get China approval. I think we'll get it," Trump told reporters on June 17. "I think President Xi will ultimately approve it."
TikTok has 135 million users in the United States, most of them young Americans, who Trump has said he does not believe are at risk from being spied on.
"If China is going to get information about young kids, I don't know. To be honest with you, I think we have bigger problems than that," he told reporters.
China denies that it interferes in the affairs of private businesses.
Its embassy spokesman in Washington said in a June 19 statement that Trump has not changed its position on the United States ban. In response to a request, Liu Pengyu reiterated that the nation would "handle relevant matters in accordance with Chinese laws and regulations" and said the United States "should provide an open, fair, just, and non-discriminatory business environment."
Contributing: Joey Garrison

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The kings of Queens: Andrew Cuomo seeks restoration months after Donald Trump's
The kings of Queens: Andrew Cuomo seeks restoration months after Donald Trump's

CNN

time30 minutes ago

  • CNN

The kings of Queens: Andrew Cuomo seeks restoration months after Donald Trump's

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Canadians snapped up U.S. debt in April despite Trump's tariffs, but the bond selloff tanked its value
Canadians snapped up U.S. debt in April despite Trump's tariffs, but the bond selloff tanked its value

Yahoo

time39 minutes ago

  • Yahoo

Canadians snapped up U.S. debt in April despite Trump's tariffs, but the bond selloff tanked its value

April's massive bond selloff didn't stop Canadians from buying Treasuries, but it weighed heavily on the value of their holdings. Higher interest rates in the U.S., where the Federal Reserve has been much more patient to cut interest rates than other central banks, have likely spurred demand. Canadians have been ditching all-things American after having enough of U.S. President Donald Trump's threats about tariffs and making their country the '51st state.' Boycotts of U.S. products from whiskey to dog food to Teslas—and a huge pullback in travel across the border—haven't stopped Canadian investors from buying Uncle Sam's debt, though. Trump's chaotic tariff rollout in April marked the high point of the 'Sell America' trade as stocks, bonds, and the dollar all sank. But despite the turmoil in fixed-income markets, Canadians purchased a net $9.2 billion of U.S. government bonds in April, the biggest monthly surge since November 2023. This embedded content is not available in your region. However, the value of Canada's overall holdings fell by roughly $58 billion that same month, according to the most recent data from the Treasury, by far the biggest swing for any of the top 20 foreign owners of U.S. debt. The drop likely reflects that month's massive bond selloff, which may have forced Trump to back off on his so-called reciprocal tariffs. Long-term yields, which spike when bond prices fall, have remained stubbornly elevated with the Federal Reserve—unlike other central banks around the world—patient to cut interest rates. 'You've got this gap emerging with the Fed on hold and the Bank of Canada cutting rates, along with everyone else,' Rob Haworth, a senior vice president and investment strategist at U.S. Bank, told Fortune. The Bank of Canada has slashed rates by 225 basis points over the past nine months, including 25-point cuts in January and March. The Fed, meanwhile, reduced rates by 100 points from September to December last year but has held rates steady so far in 2025. As a result, the 10-year U.S. Treasury yield was 4.38% as markets closed on Friday, while Canada's was at 3.30%. Higher interest rates in the U.S. can make Treasuries appealing to Canadians and other foreign investors, Haworth said, provided they can effectively hedge the risk presented by a weakening U.S. dollar. At the end of January, Canada's private and public sector held a combined $351 billion worth of Treasury securities. That number surged to $426 billion at the end of March before falling to $368 billion in April, the most recent data available. As Federal Reserve economists explained last year, this type of data has long been used as a gauge of foreign demand for Treasuries, particularly among the top three holders: Japan, the U.K., and China. 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Foreign investors account for roughly 30% of the U.S. Treasury market, according to Apollo chief economist Torsten Sløk, and their behavior is being closely monitored as the Trump administration pushes for big shifts in global trade and international finance. The U.S. borrows at much better rates than its underlying finances would normally allow, thanks to the dollar's status as the world's reserve currency and confidence that America will always pay its bills. If foreign buyers sour on U.S. Treasuries, however, that could force the Treasury to pay higher yields to bring back buyers. Such a move would put upward pressure on interest rates for mortgages, small-business loans, and other common types of borrowing throughout the economy. Foreign investors held just over $9 trillion worth of Treasuries at the end of April, down only slightly from the record set in March. The decline in the dollar this year, Haworth said, has been much more pronounced than any offloading of Treasuries. That makes sense, he added, because a slowdown in trade affects the flow of dollars first as greenbacks are used in fewer transactions. Changes in the allocation of Treasuries, often held as investments or bank reserves, happen much more slowly. 'There's probably still some fundamental pressure as we suss out where trade and tariffs end up,' he said. The Treasury data from April showed foreign private investors were net sellers of long-term U.S. debt. Government institutions like central banks and sovereign wealth funds were net buyers. More current data suggests the latter trend may have reversed in the months since, though. Holdings by these official entities in the custody of the New York Federal Reserve have declined by $48 billion since late March, prompting Bank of America credit strategists to suggest that 'cracks' in demand from these investors are now visible. Still, it doesn't seem foreigners are dumping U.S. debt just yet. Even angry Canadians. This story was originally featured on

Pakistan to nominate Trump for Nobel Peace Prize
Pakistan to nominate Trump for Nobel Peace Prize

Yahoo

time40 minutes ago

  • Yahoo

Pakistan to nominate Trump for Nobel Peace Prize

By Saeed Shah ISLAMABAD (Reuters) -Pakistan said on Saturday it would recommend U.S. President Donald Trump for the Nobel Peace Prize, an accolade that he has said he craves, for his work in helping to resolve the recent conflict between India and Pakistan. Some analysts in Pakistan said the move might persuade Trump to think again about potentially joining Israel in striking Iran's nuclear facilities. Pakistan has condemned Israel's action as a violation of international law and a threat to regional stability. In May, a surprise announcement by Trump of a ceasefire brought an abrupt end to a four-day conflict between nuclear-armed foes India and Pakistan. Trump has since repeatedly said that he averted a nuclear war, saved millions of lives, and grumbled that he got no credit for it. Pakistan agrees that U.S. diplomatic intervention ended the fighting, but India says it was a bilateral agreement between the two militaries. "President Trump demonstrated great strategic foresight and stellar statesmanship through robust diplomatic engagement with both Islamabad and New Delhi, which de-escalated a rapidly deteriorating situation," Pakistan said. "This intervention stands as a testament to his role as a genuine peacemaker." Governments can nominate people for the Nobel Peace Prize. There was no immediate response from Washington. A spokesperson for the Indian government did not respond to a request for comment. Trump has repeatedly said that he's willing to mediate between India and Pakistan over the disputed Kashmir region, their main source of enmity. Islamabad, which has long called for international attention to Kashmir, is delighted. But his stance has upended U.S. policy in South Asia, which had favored India as a counterweight to China, and put in question previously close relations between Trump and Indian Prime Minister Narendra Modi. In a social media post on Friday, Trump gave a long list of conflicts he said he had resolved, including India and Pakistan and the Abraham accords in his first term between Israel and some Muslim-majority countries. He added: "I won't get a Nobel Peace Prize no matter what I do." Pakistan's move to nominate Trump came in the same week its army chief, Field Marshal Asim Munir, met the U.S. leader for lunch. It was the first time that a Pakistani military leader had been invited to the White House when a civilian government was in place in Islamabad. Trump's planned meeting with Modi at the G7 summit in Canada last week did not take place after the U.S. president left early, but the two later spoke by phone, in which Modi said "India does not and will never accept mediation" in its dispute with Pakistan, according to the Indian government. Mushahid Hussain, a former chair of the Senate Defence Committee in Pakistan's parliament, suggested nominating Trump for the peace prize was justified. "Trump is good for Pakistan," he said. "If this panders to Trump's ego, so be it. All the European leaders have been sucking up to him big time." But the move was not universally applauded in Pakistan, where Trump's support for Israel's war in Gaza has inflamed passions. "Israel's sugar daddy in Gaza and cheerleader of its attacks on Iran isn't a candidate for any prize," said Talat Hussain, a prominent Pakistani television political talk show host, in a post on X. 'And what if he starts to kiss Modi on both cheeks again after a few months?"

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