China Rebuffs Trump Offer of Tariff Concessions if Beijing Agrees TikTok Deal

FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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China Rebuffs Trump Offer of Tariff Concessions if Beijing Agrees TikTok Deal

FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A 3D-printed miniature model of US President-elect Donald Trump and TikTok logo are seen in this illustration taken January 19, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

China rebuffed on Thursday a suggestion from US President Donald Trump that he might offer to reduce tariffs on the country to get Beijing's approval for the sale of popular social media platform TikTok.

Trump said this month the United States was in talks with four groups interested in acquiring TikTok, with the app facing an uncertain future in the country, AFP said.

A US law has ordered TikTok to divest from its Chinese owner ByteDance or be banned in the United States, enacted over concerns that Beijing could exploit the video-sharing platform to spy on Americans or covertly influence US public opinion.

The law took effect on January 19, a day before Trump's inauguration, but he quickly announced a delay that has allowed it to continue to operate.

That delay is set to expire on April 5.

Trump told reporters at the White House on Wednesday that he could give China "a little reduction in tariffs or something to get it done".

"We're going to have a form of a deal," Trump said, adding that if it wasn't done in time, he would extend the deadline.

"China is going to have to play a role in that, possibly in the form of an approval and I think they'll do that."

Beijing swiftly rebuffed Trump's suggestion, with its foreign ministry saying that it has "repeatedly stated our position" on TikTok.

"The Chinese side's stance against imposing additional tariffs is also consistent and clear," foreign ministry spokesman Guo Jiakun said.

'People's Bid for TikTok'

Trump similarly attempted to ban TikTok in the United States on national security concerns during his first stint in the White House.

TikTok temporarily shut down in the United States in January and disappeared from app stores as the deadline for the law approached, to the dismay of millions of users.

Trump suspended its implementation for two-and-a-half months after beginning his second term on January 20, seeking a solution with Beijing.

TikTok subsequently restored service in the United States and returned to the Apple and Google app stores in February.

Artificial intelligence (AI) startup Perplexity recently expressed its interest in buying TikTok.

Perplexity laid out in a blog post a vision for integrating its AI-powered internet search capabilities with the popular video-snippet sharing app.

"Combining Perplexity's answer engine with TikTok's extensive video library would allow us to build the best search experience in the world," the San Francisco-based firm said.

Although TikTok does not appear overly motivated regarding the sale of the app, potential buyers include an initiative called "The People's Bid for TikTok", launched by real estate and sports tycoon Frank McCourt's Project Liberty initiative.

Others in the running are Microsoft, Oracle and a group that includes Internet personality MrBeast, whose real name is Jimmy Donaldson.

"Any acquisition by a consortium of investors could in effect keep ByteDance in control of the algorithm, while any acquisition by a competitor would likely create a monopoly in the short form video and information space," Perplexity said in its post.

"All of society benefits when content feeds are liberated from the manipulations of foreign governments and globalist monopolists."



Oil Edges up on Potential US Tariff Exemptions on Cars, Pick-up in China Crude Imports 

A general view of oil tanks located near the Teltowkanal canal in Berlin, Germany, 10 April 2025. (EPA)
A general view of oil tanks located near the Teltowkanal canal in Berlin, Germany, 10 April 2025. (EPA)
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Oil Edges up on Potential US Tariff Exemptions on Cars, Pick-up in China Crude Imports 

A general view of oil tanks located near the Teltowkanal canal in Berlin, Germany, 10 April 2025. (EPA)
A general view of oil tanks located near the Teltowkanal canal in Berlin, Germany, 10 April 2025. (EPA)

Oil prices inched higher on Tuesday, supported by new tariff exemptions floated by US President Donald Trump and a rebound in China crude oil imports in anticipation of tighter Iranian supply.

Brent crude futures gained 12 cents, or 0.2%, to $65 per barrel by 0350 GMT, while US West Texas Intermediate crude was up 13 cents, or 0.2%, to $61.66.

"Trump granted exemptions on electronic tariffs and signaled an auto tariff relief, both of which are seen as setbacks from the previously announced import levies, hence, providing some relief to risk assets, including oil," said independent market analyst Tina Teng.

"However, the rally in stocks and growth-sentiment commodities is skeptical, as his policy is unpredictable."

In the latest development in Trump's whipsawing trade war, he said he was considering a modification to the 25% tariffs imposed on foreign auto and auto parts imports from Mexico, Canada and other places.

The vacillating US trade policies have created uncertainty for global oil markets and pushed OPEC on Monday to lower its demand outlook for the first time since December.

The Trump administration had announced on Friday that it would grant exclusions from tariffs on smartphones, computers and some other electronic goods, most of which are imported from China. That drove both oil benchmarks to settle up slightly higher on Monday.

On Sunday, Trump said he would announce the tariff rate on imported semiconductors over the next week and a Monday Federal Register filing showed the administration had begun an investigation into imports of semiconductors on April 1.

"The market is digesting fast-moving policy developments on the tariff front, while balancing them with nuclear talks between the US and Iran," said ING analysts in a Tuesday note.

"Clearly, the market is more focused on tariffs and what they mean for oil demand."

US Energy Secretary Chris Wright said on Friday the United States could stop Iranian oil exports as part of Trump's plan to pressure Tehran over its nuclear program.

Also supporting prices were data on Monday showing that China's crude oil imports in March were up nearly 5% from a year earlier, as arrivals of Iranian oil surged in anticipation of tighter US sanctions enforcement.