Aug 4, 2020

Donald Trump: US Treasury should get cut of TikTok deal

Donald Trump has said the US should get a cut from the sale of TikTok's US unit if it is bought by an American firm. The Trump administration has accused TikTok and others of providing data to the Chinese government - which Beijing and TikTok deny. Nicholas Klein, a lawyer at DLA Piper, said generally "The government doesn't have the authority to take a cut of a private deal through" the Committee on Foreign Investment in the United States, which is the inter-agency committee that reviews some foreign investments in the US. Talks over a potential deal looked to have been derailed on Friday when Mr Trump said he opposed Microsoft buying TikTok's US business. TikTok's US operations "Will close down on September 15 unless Microsoft or somebody else is able to buy it and work out a deal, an appropriate deal so the Treasury of the United States gets a lot of money," he said. Microsoft confirmed on Sunday in a blog post that it would continue discussions on a potential deal with TikTok after a call between its chief executive Satya Nadella and Mr Trump.

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