A deal that would keep TikTok in the U.S. indefinitely is on hold because of President Trump's tariffs.
Trump's administration had been close to an agreement that would allow the China-based social media platform to be owned by U.S. investors, but China paused it after Trump announced global tariffs this week, The Associated Press reported.
Trump said Friday he will sign an executive order to keep TikTok in the U.S. for another 75 days and suggested a deal can still be made.
"My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress," he posted. "The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an executive order to keep TikTok up and running for an additional 75 days. We look forward to working with TikTok and China to close the Deal."
The deal would have several American venture capital firms, private equity funds and tech firms invest in a company that would control the app's U.S. operations, CNN reported. TikTok's current owner, ByteDance, would keep a 20% stake in the new company, per CNN.
A federal law mandated that TikTok be sold to a non-Chinese company or leave the U.S. by Jan. 19. Trump signed an executive order shortly after taking office to delay the ban until this weekend.
But legal experts say the law only allows for one 90-day extension of the deadline if a deal has been made and Congress has been notified.
"All he's doing is saying that he will not enforce the law for 75 more days," Alan Rozenshtein, an associate law professor at the University of Minnesota, told The Associated Press. "The law is still in effect. The companies are still violating it by providing services to TikTok."
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