August 5, 2020

CNN: Trump’s demand that the US get a cut of TikTok’s sale could set a dangerous precedent

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https://www.cnn.com/2020/08/05/tech/tiktok-trump-treasury-microsoft/index.html

Trump's demand that the US get a cut of TikTok's sale could set a dangerous precedent

2020-08-05 00:00:00, CNN, CNN

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
739

Words/Sentence:
27

Reading Time:
4.93 min

Reading Quality:
Adept

Readability:
13th to 15th

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It's a demand that experts say is far outside the norm at best, and if it were to be met could set a dangerous precedent.

"I suppose it's possible that any company could voluntarily write a check to the US Treasury, but making that a de facto requirement for mergers in the United States would be incredibly dangerous," said Gardiner.

But while the popular short-form video app likely won't lack for suitors, President Donald Trump says the US government needs to get a "substantial amount of money" as part of any deal.

The US government's authority to compel foreign firms to sell their business to an American company comes primarily from the Committee on Foreign Investment in the United States (CFIUS).

"It's really not for the President to say that a deal can go through or a deal can't go through, or that a company must pay a ransom to the United States government or get a deal done by a particular deadline," said Avery Gardiner, general counsel and senior fellow for competition, data and power at the Center for Democracy and Technology.

Keywords
tech, TikTok: Trump's demand for a cut of any sale could set a dangerous precedent – CNN

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