President Trump signed an executive order giving TikTok a 75-day extension to comply with the law requiring the platform to be sold or banned.
He says that during that period, the United States will not implement the law passed by Congress last year and signed by former President Joe Biden.
It was between A series of directives signed by Trump on Monday evening.
Speaking to reporters in the Oval Office, he said: “I tell you what. Every rich person has contacted me about TikTok.”
When asked by a reporter why he had changed his mind since trying to ban TikTok in 2020, Trump replied: “Because I have to use it.”
He raised the possibility of establishing a joint venture to manage the company, saying that he seeks a 50-50 partnership between the United States and its Chinese owner, ByteDance. But he did not provide any further details about how this would work.
Trump also said he may impose new trade tariffs on China if an agreement on the platform is not reached.
He added that if Beijing rejected the agreement, “it would be a somewhat hostile act.”
Chinese officials had previously rejected calls for a sale, describing US arguments last March as “pure thieves’ logic.”
However, on Tuesday, a State Department spokesperson appeared to soften that stance.
“When it comes to actions such as operating and acquiring companies, we believe they should be decided independently by companies,” Joe Giaccone said He said.
He added: “If it concerns Chinese companies, Chinese laws and regulations must be taken into account.”
On Saturday evening, The Chinese-owned app has stopped working for US usersThe law banning it for reasons related to national security is scheduled to enter into force.
It has resumed services to its 170 million users In the United States after Trump said he would issue an executive order to give the app a deadline when he takes office.
But as of Monday, the app was not available for download from the Apple and Google App stores.
The Biden administration said China could use TikTok as a tool for espionage and political manipulation.
Opponents of the ban have cited freedom of expression as a reason to keep the platform open.
ByteDance, TikTok’s parent company, previously ignored a law requiring it to sell its US operations to avoid a ban.
The Supreme Court upheld the law on Friday It went into effect on Sunday, but the Biden White House said it would leave implementation of the law to the next administration in light of the timing.
Trump had supported banning the platform during his first term in office.
The newly signed executive order puts him at odds with several members of Congress from his own party.
On Sunday, Republican Sen. Tom Cotton, in a post on X, said that any company that “hosts, distributes, services or otherwise facilitates the communist-controlled TikTok” could face hundreds of billions of dollars in fines.
Liability could stem not only from the Justice Department, “but also under securities law, shareholder lawsuits, and state attorneys general,” Cotton said. [attorneys general]. Think about it.”
TikTok CEO Shou Zi Chew attended Trump’s inauguration on Monday alongside other heads of major tech companies, including Elon Musk, Mark Zuckerberg and Jeff Bezos.
Earlier Monday, YouTube star MrBeast posted a TikTok video of himself apparently from a private plane on his way to make a formal bid for the short-form video platform.
The publication did not provide any other details about the offer, saying only that it would be “crazy.”
Other companies, billionaires and celebrities have expressed interest in buying TikTok, Including former Trump Treasury Secretary Steven Mnuchin and investor from the TV show Shark Tank, Kevin O’Leary.
Additional reporting by Michele Fleury
