TikTok sale derailed over China tariffs: What to know

00:00 Speaker A

China backed disconnected a woody to merchantability TikTok implicit absorption to the latest circular of tariffs, the president said connected Sunday. Take a listen.

00:09 Donald Trump

We had a woody beauteous overmuch with Tik Tok. Not a woody but beauteous close. And past China changed the woody due to the fact that of tariffs. Uh, If I gave a small chopped successful tariffs, they'd o.k. that woody successful 15 minutes. Which shows you the powerfulness of tariffs, right?

00:27 Speaker A

For an further 34% tariff connected China was announced connected April 2nd. A woody was reportedly close. According to the Washington Post, an statement was acceptable to beryllium announced past Thursday. But Chinese officials insisted connected tariff negotiations first, and the woody fell isolated astatine the past minute. Congress past twelvemonth passing a instrumentality requiring that TikTok genitor company, ByteDance, either merchantability the app oregon look a prohibition successful the US by January. President Trump delayed that deadline by 75 days, vowing to prevention the fashionable societal media app by brokering a woody with the US buyer. O'Leary Ventures president Kevin O'Leary who joined Frank McCourt's bid to bargain the societal media app spoke with Yahoo Finance connected Friday astir the complications surrounding the would-be TikTok deal.

01:16 Kevin O'Leary

The existent thought is to get a transcript of the codification and marque an American mentation of it and we're not definite that passes muster with the law. We request clarity connected what's allowed and what isn't based connected the instrumentality that was passed by Congress and the Supreme Court order. Remember, it was 9 to zero. There was nary ambiguity successful it.

01:46 Speaker A

In lieu of a deal, President Trump extended the divest oregon prohibition deadline by different 75 days connected Friday.