The popular app is used by 170 million Americans and was originally scheduled to be shut down in the US in January unless the owners handed over control of the assets to US investors. However, Trump has already delayed the implementation of the law twice.

Earlier, there was talk of setting up a new company in the US that would be owned and managed by US investors. However, the talks stalled after China expressed dissatisfaction in response to the US’s tough tariffs on Chinese goods.

Work on a potential deal is ongoing, but a final decision will depend on whether trade tensions between Washington and Beijing can be resolved, according to sources close to ByteDance’s U.S. investors.

Trump stressed that he would not lift the tariffs just for the sake of the deal, but allowed for the possibility of reducing them in the future as part of a broader agreement.

Meanwhile, some Democratic senators believe the president has no legal basis for an extension and say the deal under discussion does not comply with the law.Source: Reuters