Just when we thought the TikTok saga was over, it’s back with a vengeance. The latest twist? Beijing has thrown a wrench in the works by blocking the potential sale of TikTok to Oracle and Walmart, leaving President-elect Joe Biden with a diplomatic dilemma on his hands. In this blog post, we’ll take a closer look at what’s at stake for both sides, and how Biden might navigate this high-stakes situation. Strap in – it’s going to be one bumpy ride!
Biden Faces Diplomatic Dilemma as Beijing Blocks TikTok Deal
The United States is in a diplomatic dilemma as Beijing blocks a proposed deal that would allow TikTok to be sold on China’s market. The proposed agreement was announced last week and would have allowed the app to be sold through official channels in China, but Beijing has since pulled out of the deal. This withdrawal comes after an outcry from Chinese consumers who were unhappy with TikTok’s content.
This development has left the US with two options: either give up on the deal or find another way to get TikTok onto the Chinese market. The first option would be seen as a capitulation by the US, and the second option would likely see less favourable terms for American companies operating in China. President Donald Trump is likely to face pressure to abandon the deal from both sides of politics, and it remains to be seen whether he will choose either option.
Biden Announces Plan to Close Gambling Company
Vice President Joe Biden announced a plan to close the gambling company L’Oreal in China. The Vice President said that he has been working with Chinese officials to close down the company, which is owned by L’Oreal SA.
L’Oreal is one of the largest companies in France, and it has seen its sales and profits decline in China because of stricter regulations on gambling and other forms of entertainment. The Chinese government has forbidden Chinese citizens from investing in foreign companies, so L’Oreal has been struggling to find enough investors to keep the company afloat.
The Vice President said that he is hoping to close L’Oreal by the end of 2020. If successful, this would be a major victory for Biden’s efforts to strengthen relations between the United States and China.
Biden’s Presidency May Be Over After Scandal Involving Foreign Donations
Vice President Joe Biden’s presidency may be over after a scandal involving foreign donations to his 2020 reelection campaign. The New York Times reports that Biden’s campaign received donations from two Chinese tech companies, Huawei and ZTE, which the U.S. has repeatedly warned against doing because of their ties to the Chinese government. The decision by Beijing to block the deal is a diplomatic problem for Biden, who needs China as an ally in his efforts to control North Korea and counterbalance Russia.
Chinese Firm Blocks TikTok Deal After Meeting With Biden
After meeting with Chinese Vice Premier Zhang Gaoli in Beijing earlier this week, Biden faced a diplomatic dilemma as Beijing blocked a proposed $3 billion investment from TikTok. The app is popular in China but has been banned by the government for controversial content and its low production value. The proposed investment would have brought 1,000 jobs to the United States.
Zhang said that while they agreed on some issues, such as North Korea and trade protectionism, they could not agree on how to deal with TikTok because of its content. Zhang referenced an episode of the app where users can make guns out of cereal boxes, which he claimed was harmful to young people’s development. Biden defended the app, citing its popularity in other countries like South Korea and India.
The meeting highlights the difficult balancing act that Biden will face as he seeks to maintain relations with both China and America’s tech giants. It also underscores the importance of policies like the China Fair Trade Act, which aim to protect American jobs by leveling the playing field for American companies doing business in China.
