Trump extends deadline for US TikTok sale to September
US President Donald Trump has extended to September 17 a deadline for China-based ByteDance to divest the US assets of short-video app TikTok despite a law that mandated a sale or shutdown without significant progress.
Trump signed an executive order pushing back Thursday's deadline for 90 more days, a step that he had previously signaled.
The Republican president had already twice granted a reprieve from federal enforcement of a law that mandated the sale or shutdown of TikTok that was supposed to take effect in January, absent significant progress toward a sale.
Trump has said he wants to keep the app, which helped him woo young voters in the 2024 presidential election, active in the US.
He has also expressed optimism that Chinese President Xi Jinping would approve a deal that preserves the app, though it's not clear how significantly the topic has featured in the two countries' ongoing trade talks to resolve a tariff dispute.
"We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available," TikTok said in a statement posted on its website.
The company said it is continuing to work with US Vice President JD Vance's office on the matter.
"President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday.
"President Trump does not want TikTok to go dark," she added, saying the administration will spend the next three months making sure the sale closes so that Americans can keep using TikTok with the assurance that their data is safe and secure.
Trump had said on Tuesday that he would "probably, yeah," extend the deadline.
"Probably have to get China approval but I think we'll get it," he told reporters aboard Air Force One.
"I think President Xi will ultimately approve it."
A 2024 law required TikTok to stop operating by January 19 unless TikTok's Chinese parent ByteDance had completed divesting the app's US assets or demonstrated significant progress toward a sale.
Trump began his second term as president on January 20 and opted not to enforce the law. He first extended the deadline to early April, and then again last month to June 19.
In March, Trump said he would be willing to reduce tariffs on China to get a deal done with ByteDance to sell the short-video app used by 170 million Americans.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Some Democrats argue that Trump has no legal authority to extend the deadline and suggest that the deal under consideration would not meet legal requirements.
US President Donald Trump has extended to September 17 a deadline for China-based ByteDance to divest the US assets of short-video app TikTok despite a law that mandated a sale or shutdown without significant progress.
Trump signed an executive order pushing back Thursday's deadline for 90 more days, a step that he had previously signaled.
The Republican president had already twice granted a reprieve from federal enforcement of a law that mandated the sale or shutdown of TikTok that was supposed to take effect in January, absent significant progress toward a sale.
Trump has said he wants to keep the app, which helped him woo young voters in the 2024 presidential election, active in the US.
He has also expressed optimism that Chinese President Xi Jinping would approve a deal that preserves the app, though it's not clear how significantly the topic has featured in the two countries' ongoing trade talks to resolve a tariff dispute.
"We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available," TikTok said in a statement posted on its website.
The company said it is continuing to work with US Vice President JD Vance's office on the matter.
"President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday.
"President Trump does not want TikTok to go dark," she added, saying the administration will spend the next three months making sure the sale closes so that Americans can keep using TikTok with the assurance that their data is safe and secure.
Trump had said on Tuesday that he would "probably, yeah," extend the deadline.
"Probably have to get China approval but I think we'll get it," he told reporters aboard Air Force One.
"I think President Xi will ultimately approve it."
A 2024 law required TikTok to stop operating by January 19 unless TikTok's Chinese parent ByteDance had completed divesting the app's US assets or demonstrated significant progress toward a sale.
Trump began his second term as president on January 20 and opted not to enforce the law. He first extended the deadline to early April, and then again last month to June 19.
In March, Trump said he would be willing to reduce tariffs on China to get a deal done with ByteDance to sell the short-video app used by 170 million Americans.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Some Democrats argue that Trump has no legal authority to extend the deadline and suggest that the deal under consideration would not meet legal requirements.
US President Donald Trump has extended to September 17 a deadline for China-based ByteDance to divest the US assets of short-video app TikTok despite a law that mandated a sale or shutdown without significant progress.
Trump signed an executive order pushing back Thursday's deadline for 90 more days, a step that he had previously signaled.
The Republican president had already twice granted a reprieve from federal enforcement of a law that mandated the sale or shutdown of TikTok that was supposed to take effect in January, absent significant progress toward a sale.
Trump has said he wants to keep the app, which helped him woo young voters in the 2024 presidential election, active in the US.
He has also expressed optimism that Chinese President Xi Jinping would approve a deal that preserves the app, though it's not clear how significantly the topic has featured in the two countries' ongoing trade talks to resolve a tariff dispute.
"We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available," TikTok said in a statement posted on its website.
The company said it is continuing to work with US Vice President JD Vance's office on the matter.
"President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday.
"President Trump does not want TikTok to go dark," she added, saying the administration will spend the next three months making sure the sale closes so that Americans can keep using TikTok with the assurance that their data is safe and secure.
Trump had said on Tuesday that he would "probably, yeah," extend the deadline.
"Probably have to get China approval but I think we'll get it," he told reporters aboard Air Force One.
"I think President Xi will ultimately approve it."
A 2024 law required TikTok to stop operating by January 19 unless TikTok's Chinese parent ByteDance had completed divesting the app's US assets or demonstrated significant progress toward a sale.
Trump began his second term as president on January 20 and opted not to enforce the law. He first extended the deadline to early April, and then again last month to June 19.
In March, Trump said he would be willing to reduce tariffs on China to get a deal done with ByteDance to sell the short-video app used by 170 million Americans.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Some Democrats argue that Trump has no legal authority to extend the deadline and suggest that the deal under consideration would not meet legal requirements.
US President Donald Trump has extended to September 17 a deadline for China-based ByteDance to divest the US assets of short-video app TikTok despite a law that mandated a sale or shutdown without significant progress.
Trump signed an executive order pushing back Thursday's deadline for 90 more days, a step that he had previously signaled.
The Republican president had already twice granted a reprieve from federal enforcement of a law that mandated the sale or shutdown of TikTok that was supposed to take effect in January, absent significant progress toward a sale.
Trump has said he wants to keep the app, which helped him woo young voters in the 2024 presidential election, active in the US.
He has also expressed optimism that Chinese President Xi Jinping would approve a deal that preserves the app, though it's not clear how significantly the topic has featured in the two countries' ongoing trade talks to resolve a tariff dispute.
"We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available," TikTok said in a statement posted on its website.
The company said it is continuing to work with US Vice President JD Vance's office on the matter.
"President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said on Tuesday.
"President Trump does not want TikTok to go dark," she added, saying the administration will spend the next three months making sure the sale closes so that Americans can keep using TikTok with the assurance that their data is safe and secure.
Trump had said on Tuesday that he would "probably, yeah," extend the deadline.
"Probably have to get China approval but I think we'll get it," he told reporters aboard Air Force One.
"I think President Xi will ultimately approve it."
A 2024 law required TikTok to stop operating by January 19 unless TikTok's Chinese parent ByteDance had completed divesting the app's US assets or demonstrated significant progress toward a sale.
Trump began his second term as president on January 20 and opted not to enforce the law. He first extended the deadline to early April, and then again last month to June 19.
In March, Trump said he would be willing to reduce tariffs on China to get a deal done with ByteDance to sell the short-video app used by 170 million Americans.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Some Democrats argue that Trump has no legal authority to extend the deadline and suggest that the deal under consideration would not meet legal requirements.
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The Age
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Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents
