The former US Treasury Secretary during the presidency of Donald Trump indicated this Thursday that he wants to gather investors to buy TikTokin the midst of a dispute with China after the approval in the lower house of the United States Congress of a bill that could prohibit the application.
The short video application is one of the most popular social networks in the world. But the fact that it belongs to the Chinese technology giant ByteDance, supposedly subordinate to the Chinese Communist Party, worries Western powers.
The US House of Representatives on Wednesday passed a bill by a large majority that would force TikTok to separate from its parent company in China or risk the app being banned in the country.
Steve Mnuchin, the former Treasury Secretary in the Republican administration of former President Donald Trump, announced this Thursday that he is preparing a purchase plan.
“I think the legislation should be passed and I think it should be sold“, Mnuchin told CNBC, ensuring that Tiktok is “a big business and (…) should be owned by American companies.”
The bill still has to pass the US Senate, where the outcome is uncertain.
“The United States should respect the principles of a market economy and fair competition, and stop unfairly repressing foreign companies”said Chinese Ministry of Commerce spokesman He Yadong at a press conference.
He also asked Washington to allow “an open, fair, equitable and non-discriminatory environment for foreign companies to invest and operate in the United States.”
“China will take all necessary measures to resolutely safeguard its legitimate rights and interests“said the spokesperson.
For his part, the spokesperson for the Ministry of Foreign Affairs, Wang Wenbin, denounced that the vote “goes against the principles of fair competition and international economic and trade standards.”
“If so-called national security reasons can be used to arbitrarily suppress excellent companies from other countries, then there is no fairness or justice at all”Wang stated.
“When someone sees something good that another person has and tries to take it for themselves, we are dealing with the logic of a criminal.”, he assured.
Before the vote, China already warned that the possible ban of the social network in the United States would be equivalent to “shooting yourself in the foot.”
China has been blocking Western social networks such as Facebook and X, formerly known as Twitter, for years and maintains strong internet censorship.
Unknown about the Senate vote
US lawmakers approved the bill by 352 votes in favor and 65 against, a rare show of unity in a closely divided chamber.
For its part, the White House confirmed that if it is finally approved, President Joe Biden will sign the law, officially known as the Protecting Americans from Requests Controlled by Foreign Adversaries Act.
It is unclear, however, how the Senate will vote, where some lawmakers are cautious about taking drastic measures against an application that has 170 million users in the United States.
TikTok He has always denied being under the control of the Communist Party. Its executive president, Shou Zi Chew, even urged users to speak out against the vote and several content creators on TikTok consulted by AFP expressed their opposition to the law.
The application has long been at the center of tensions between China and the United States, which clash over technological, trade and human rights issues.
European regulators are also concerned and the European Commission asked TikTok and other platforms such as Facebook, Google and especially in the face of electoral processes.
Also on Thursday, Italy’s competition authority imposed a fine of 10 million euros (nearly $11 million) on TikTok for not sufficiently protecting minors.
Source: Gestion
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