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U.S., China Power struggle impacts TikTok deal

Yahoo Finance Video
Updated

The On the Move panel discuss the latest developments with the U.S., China TikTok deal.

Video Transcript

JULIE HYMAN: I'm going to read the latest on TikTok-- TikTok as well because there was an editorial published in "China Daily," which is an official English language newspaper that's from the communist party, and in it it says, China has no reason to approve a, quote, "dirty and unfair deal," that is the Oracle Walmart deal with TikTok. Melody, is this a signal it's not going to happen, because of course, we were so focused on this administration approving the deal, but that administration has to as well?

MELODY HAHM: Julie, that's been the prevailing idea from the very beginning, right? That was the looming question, whether the Chinese government would ever approve any sort of deal. I also want to echo Hu Xijin, who is the Editor in Chief of the "Global Times," which is also another state run newspaper in Beijing.

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He tweeted this morning saying "stop extorting. You think TikTok is a company from a small country? That there's no way the Chinese government will accept your demand. You can ruin TikTok's US business, if US users do not object, but you cannot rob it and turn it into a US baby." So I think both that editorial you mentioned and this tweet really encapsulate the prevailing sentiment that is coming out of the Beijing administration.

This has been the stance from the very beginning. We know, TikTok doesn't actually have operations in China. So, of course, they've relied on the 100 million plus users in the US to really grow the business.

But at the same time, given this sort of bully pulpit that Trump has been using during this time and also the September 20th deadline that was self-imposed by the Trump administration has come and gone, right? So perhaps China is reconsidering maybe a lot of this is a lot of bloviating and there may not have to be a resolution. This could drag on even through November.

JULIE HYMAN: We will keep tracking it, as it does drag on. Thanks, Melody.