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Free AccessHouse Commerce Committee To Mark Up New TikTok Bill Thursday
MNI London: The House Commerce Committee will meet on Thursday to mark up new legislation - introduced by House China Committee Chair Rep. Mike Gallagher (R-WI) and ranking Democrat Raja Krishnamoorthi (D-IL) - which demands that Chinese company Bytedance divest TikTok or face a US ban.
- According to Congressional aides, "the bill would make it unlawful to distribute TikTok via Apple or Google app stores or to provide web hosting services to Bytedance controlled applications."
- Reuters reports that the legislation, which was undersigned by more than a dozen other lawmakers, "to address national security concerns posed by Chinese ownership of the app" would, "give ByteDance 165 days to divest TikTok, which is used by more than 170 million Americans, or it would be unlawful for app stores operated by Apple, Google and others to offer TikTok or to provide web hosting services to ByteDance-controlled applications."
- Although this Congress has been riven by partisan disputes, legislation which seeks to limit China's influence in sectors which are critical to US national security tends to gain bipartisan support. Therefore the bill has a good chance of becoming law.
- As with recent a Congressional drive to limit China's access to tech components, Beijing will likely argue that the US Congress is unreasonably clamping down on Chinese commercial interests via a loose definition of national security.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.