WEBVTT - Breaking Down the Proposed US-China TikTok Deal

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Last Friday, President Donald Trump announced that his Chinese counterpart

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<v Speaker 2>Shi Jinping, had tentatively approved a deal to save TikTok

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<v Speaker 2>in the US.

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<v Speaker 3>I had a great goal with President Jay and as

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<v Speaker 3>you know, he approved the TikTok deal and we're in

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<v Speaker 3>the process with.

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<v Speaker 2>Under the proposed agreement, TikTok's US operations would be separated

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<v Speaker 2>from its Chinese parent company byt Edance, and a group

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<v Speaker 2>of new US backers would own a majority stake in

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<v Speaker 2>the company.

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<v Speaker 3>This deal is part of a broader push to put

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<v Speaker 3>the Trump trade war behind them to re engage with

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<v Speaker 3>the US administration.

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<v Speaker 2>Mark Anderson is a Bloomberg Asia Tech editor based in

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<v Speaker 2>Hong Kong.

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<v Speaker 3>The very fact these two men were speaking was very significant.

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<v Speaker 3>Of course, the relations between China and the US are

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<v Speaker 3>at one of their lowest points for you years, and

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<v Speaker 3>both leaders are really looking to ratchet down the tension

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<v Speaker 3>and move on to the next chapter.

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<v Speaker 2>On Friday, China's Foreign Ministry stops short of saying that

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<v Speaker 2>Beijing had given its final blessing and urged fair treatment

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<v Speaker 2>of Chinese interests.

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<v Speaker 4>Is the toy for of the Chinese statements.

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<v Speaker 5>Well, I think I think so. I mean when you

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<v Speaker 5>say fully aproved, I don't know what that means. We

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<v Speaker 5>have to get we have to get it signed.

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<v Speaker 4>I guess most China analysts will tell you that when

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<v Speaker 4>she goes to those meetings, he sees it as sort

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<v Speaker 4>of a bow tying moment. All the work has been

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<v Speaker 4>done and he is there to bless things.

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<v Speaker 2>Josh Wingrove is Bloomberg's senior White House correspondent. He's been

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<v Speaker 2>covering the fight over TikTok since twenty twenty, when then

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<v Speaker 2>President Trump signed an executive order calling for its parent

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<v Speaker 2>company to divest its ownership or face a man in

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<v Speaker 2>the US.

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<v Speaker 4>Trump doesn't work that way, right. Trump wants to get

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<v Speaker 4>in it and pass it a deal himself and leave

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<v Speaker 4>the fine prend to tomorrow or to others. And so

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<v Speaker 4>that has been just sort of like an up is down,

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<v Speaker 4>down is up, diametrically a toast approach between the two countries.

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<v Speaker 2>Right now, This is the big take Asia from Bloomberg News.

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<v Speaker 2>I'm wanha. Every week we take you inside some of

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<v Speaker 2>the world's biggest and most powerful economies and the markets,

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<v Speaker 2>tycoons and businesses that drive this ever shifting region. Today

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<v Speaker 2>on the show, we're diving into the TikTok deal between

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<v Speaker 2>the US and China, what it means for American users,

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<v Speaker 2>and who gained the upper hand at the negotiating table.

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<v Speaker 2>The battle over TikTok's fate in the US has been

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<v Speaker 2>brewing for years. The app is owned by a Chinese

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<v Speaker 2>corporation and exploded in popularity with American users back in

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<v Speaker 2>twenty twenty, during the early days of the COVID pandemic.

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<v Speaker 2>Up heart, Hey, everybody, welcome to my TikTok page.

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<v Speaker 5>Okay, then what down should I try first?

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<v Speaker 4>I love to take.

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<v Speaker 2>Since then, TikTok has experienced the type of growth most

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<v Speaker 2>tech companies can only dream of. It has more than

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<v Speaker 2>one hundred and seventy million users in the US alone,

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<v Speaker 2>that's half of the population, and its parent company, by Dance,

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<v Speaker 2>is valued at more than four hundred billion dollars, making

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<v Speaker 2>it the most valuable private business in China. Now.

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<v Speaker 1>To US based.

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<v Speaker 2>Users, the app feels so American. It's widely popular with

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<v Speaker 2>gen zs, and it created a new class of entrepreneurs

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<v Speaker 2>influencers who've turned their Internet hustles into full time careers.

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<v Speaker 3>Here's how much I made it off of social media

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<v Speaker 3>as a college student who has twenty thousand dollars on TikTok.

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<v Speaker 2>If you want to go viral here on tech talk,

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<v Speaker 2>you're going to do these four things. But the app

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<v Speaker 2>is very much not American, and Bloomberg's Asia Tech editor

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<v Speaker 2>Mark Anderson says that's a big part of the problems.

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<v Speaker 3>Have long been concerned that TikTok could be used to

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<v Speaker 3>spy on American citizens. This stems from the fact that

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<v Speaker 3>China requires its companies to share national security data with

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<v Speaker 3>its government, so US officials are worried that China's government

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<v Speaker 3>could abuse the data of US TikTok users. You know,

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<v Speaker 3>they could collect dossia's a personal information, they could blackmail them,

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<v Speaker 3>they could exploit content preferences.

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<v Speaker 1>And a lot of concern about political interference during the action.

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<v Speaker 5>Season, especially in US elections.

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<v Speaker 3>Yes, critically, in the twenty twenty US election, TikTok was

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<v Speaker 3>a very powerful platform. It's worth noting that Donald Trump

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<v Speaker 3>personally benefited from this, and there have been studies that

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<v Speaker 3>have shown that his ticket was boosted by TikTok, so

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<v Speaker 3>I think for him it's a personal issue. I've had

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<v Speaker 3>more people say, could you try and keep TikTok alive?

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<v Speaker 5>I use TikTok. I mean I have to admit it

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<v Speaker 5>in the election, and look how I did with you.

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<v Speaker 5>No Republicans come alone today.

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<v Speaker 2>President Trump is a TikTok advocate, but in his first

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<v Speaker 2>term he pushed for a ban, calling the app a

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<v Speaker 2>threat to national security. That sentiment was echoed by President Biden,

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<v Speaker 2>who signed a law requiring Byteedance to either Celtic Talk

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<v Speaker 2>or discontinue service in the US. The Supreme Court upheld

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<v Speaker 2>that ban and put the fate of the app back

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<v Speaker 2>in Trump's hands.

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<v Speaker 4>President Trump has been deferring enforcement of that law by

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<v Speaker 4>executive action, and no one really seems spun up about it.

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<v Speaker 4>But it also does not seem clear that he has

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<v Speaker 4>iron cloud legal authority to do it.

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<v Speaker 2>Bloomberg's Josh Wingrove and Mark Anderson say what's become clear

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<v Speaker 2>in recent months is that Presidents Trump and she are

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<v Speaker 2>looking for a solution for TikTok and for opportunities to

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<v Speaker 2>ease tensions between the two countries.

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<v Speaker 3>The drama over trump Tariff's reaching up to one hundred

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<v Speaker 3>and forty five percent is still very fresh in the

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<v Speaker 3>mind for Sijenping, who's very much trying to change the

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<v Speaker 3>relationship in a way that benefits Beijing and possibly divest

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<v Speaker 3>TikTok at a crucial moment that helps him navigate the

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<v Speaker 3>next chapter in an advantageous way and secure better terms

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<v Speaker 3>for Chinese exports to the US.

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<v Speaker 1>What do we know about the agreements that were reached

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<v Speaker 1>on TikTok so far?

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<v Speaker 3>What we know about the deal so far is that Oracle,

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<v Speaker 3>the software giant, will take a major role in leading

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<v Speaker 3>a consortium that will also include Anderson Horovitz and silver

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<v Speaker 3>Lake Management. They will have an eighty percent or more

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<v Speaker 3>ownership stake in TikTok us as required by a law

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<v Speaker 3>that was passed last year in the United States. By dance,

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<v Speaker 3>the owner of TikTok at the moment must reduce its

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<v Speaker 3>stake to twenty percent or less.

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<v Speaker 2>On top of that, the White House says this new

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<v Speaker 2>US only TikTok will be controlled by a board with

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<v Speaker 2>seven members, six of whom will be American. In an

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<v Speaker 2>interview with Fox News, Trump suggested that Michael Dell and

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<v Speaker 2>the family behind Fox, specifically Lachlan Murdoch and his father Rupert,

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<v Speaker 2>may also be involved in the TikTok takeover.

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<v Speaker 3>I hate to tell you this, but a man named

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<v Speaker 3>Lachlan is involved.

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<v Speaker 5>You know, Lachlan is It's a very unusual name, Lachlan.

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<v Speaker 3>Murdoch, mister murder, I believe, and you call him and

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<v Speaker 3>Rupert is.

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<v Speaker 5>Probably going to be in the group. I think they're

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<v Speaker 5>going to be.

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<v Speaker 2>Then there's the platform itself. While it's not clear yet

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<v Speaker 2>whether users will have to download a new app or

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<v Speaker 2>update their existing one, Mark says TikTok will create a

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<v Speaker 2>new platform for users in the US.

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<v Speaker 3>The deal will create a new entity, a new app

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<v Speaker 3>that users will migrate to, and it will recreate the algorithm.

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<v Speaker 3>So I think the new owners are hoping for as

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<v Speaker 3>little disruption as possible to the user experience that these

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<v Speaker 3>one hundred and seventy million people know and love.

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<v Speaker 2>And of course the algorithm has been such a huge

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<v Speaker 2>point of contention. Right, this is what is used by

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<v Speaker 2>TikTok to suggest stories, suggest reels for people to right.

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<v Speaker 3>The algorithm is a key sticking point for this deal.

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<v Speaker 3>The US law that was passed in twenty twenty four

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<v Speaker 3>says by Dance must give up complete control of the

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<v Speaker 3>algorithm and the technology that supports the algorithm if it's

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<v Speaker 3>going to keep TikTok alive in the country. But from

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<v Speaker 3>the very beginning of these talks about deal, and as

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<v Speaker 3>recently as a few weeks ago, the Chinese government has

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<v Speaker 3>set it refuses to do that. Most social networking platforms

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<v Speaker 3>rely on users to share content with each other. What

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<v Speaker 3>TikTok did that's so revolutionary is they created a way

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<v Speaker 3>for the app itself to suggest content to users through

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<v Speaker 3>their recent activity and their declared interests. So it really

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<v Speaker 3>allows people to interact with a platform completely on their own,

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<v Speaker 3>without any friends in the real world.

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<v Speaker 2>A Beijing official said that my Dance has agreed to

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<v Speaker 2>license its algorithm to the new US version of the

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<v Speaker 2>TikTok app, but that's not giving up complete control. She

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<v Speaker 2>and Trump may decide that's good enough, it may not

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<v Speaker 2>comply with US law. Under the proposed deal, TikTok's US

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<v Speaker 2>owners would lease a copy of byte Dance's algorithm, and

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<v Speaker 2>Oracle would help recreate and retrain it from the ground up.

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<v Speaker 2>Oracle would also provide security for the algorithm and store

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<v Speaker 2>data from US users in a secure cloud. The White

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<v Speaker 2>House says Byteedance will not have control over or access

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<v Speaker 2>to any information or algorithm in the US.

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<v Speaker 3>So basically what they're trying to do is ensure that

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<v Speaker 3>American buyers actually do control the recommendation software behind TikTok

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<v Speaker 3>and the US And this gets to a key concern

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<v Speaker 3>by US lawmakers over the past few years, really, which

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<v Speaker 3>is that Chinese companies are mandated by law to share

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<v Speaker 3>user data with the Chinese government.

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<v Speaker 2>Coming up, what this means for US China relations and

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<v Speaker 2>who gained the upper hand at the negotiating table. There

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<v Speaker 2>was a lot at stake for both the US and

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<v Speaker 2>China in the negotiations over TikTok. Mark Anderson says it's

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<v Speaker 2>a toss up who came out on top.

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<v Speaker 5>I think you could say it's a win win.

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<v Speaker 3>The US gets a key concession from China that it's

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<v Speaker 3>been seeking for years, and China, within the broader context

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<v Speaker 3>of tariffs, geopolitical tensions, and the Ai race, Beijing might

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<v Speaker 3>start to see TikTok as a bargaining chip to get

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<v Speaker 3>a better deal in other, possibly more critical areas. Remember,

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<v Speaker 3>Beijing and Washington are due to resume trade talks, and

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<v Speaker 3>there are many other issues on the table that both

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<v Speaker 3>sides need to hammer out, fentanyl, nuclear proliferation, access to

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<v Speaker 3>AI technology. These are just a few of the bigger

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<v Speaker 3>issues on display here, But.

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<v Speaker 2>Bloomberg's whine House correspondent josh Win Grove says TikTok and

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<v Speaker 2>the national security alarms it raises seems to be a

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<v Speaker 2>bigger concerned to Washington in Beijing.

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<v Speaker 4>I think both sides think they have leverage, but it

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<v Speaker 4>sure seems like the Chinese certainly do, if only because

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<v Speaker 4>Trump is backing off what had been a position of

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<v Speaker 4>his and we're seeing China able to squeeze in key

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<v Speaker 4>sectors in a way that is alarming the US. Now

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<v Speaker 4>that might be a wake up call for both parties.

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<v Speaker 4>I should know some of these issues were simmering under

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<v Speaker 4>the Piden administration, but it's pretty clear that China realizes

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<v Speaker 4>what the pressure coins are and is willing to press

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<v Speaker 4>on them if needed. And President Trump, chiefly through tariffs,

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<v Speaker 4>but not just through tariffs, through export controls and otherwise

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<v Speaker 4>also is doing that. And that is I think the

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<v Speaker 4>tension right now, in particular in the Republican Party is

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<v Speaker 4>like how far is too far and how much deal

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<v Speaker 4>making is okay. Trump's heading into a midterm election does

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<v Speaker 4>not want tariffs showing up on everyone's receipts left, right,

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<v Speaker 4>and center. So right now the bar to make a

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<v Speaker 4>deal with Trump seems to be shifting, and Koreau have

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<v Speaker 4>made deals UK China seems to be really driving towards

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<v Speaker 4>one or at least driving towards some sort of medium

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<v Speaker 4>term certainty. Using TikTok almost as like a then edge

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<v Speaker 4>of the wedge to get people to the table. But

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<v Speaker 4>the jury is very much out and no one knows

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<v Speaker 4>where it's going to land.

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<v Speaker 2>With China, most of the details of the TikTok deal

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<v Speaker 2>have come from the US, China has been largely silent. Still,

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<v Speaker 2>Mark says it's a positive sign, an indication that the

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<v Speaker 2>two superpowers are willing to sit down and talk business.

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<v Speaker 3>According to Trump, Chinese President's Jen Ping has approved the deal,

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<v Speaker 3>but so far Beijing has only really issued broad statements

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<v Speaker 3>without directly referring to any deal, saying it respects the

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<v Speaker 3>wishes of the company and is glad to see business

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<v Speaker 3>negotiations in line with market rules, just very general language

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<v Speaker 3>that doesn't indicate any kind of imminent signing of a deal. However,

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<v Speaker 3>they were very positive about the fact that Trump and

0:12:58.040 --> 0:13:02.439
<v Speaker 3>she were talking. They called the phone call a pragmatic,

0:13:02.679 --> 0:13:06.000
<v Speaker 3>positive and constructive talks. So I think that sort of

0:13:06.040 --> 0:13:09.240
<v Speaker 3>indicates the general feeling in Beijing, which is that this

0:13:09.320 --> 0:13:12.800
<v Speaker 3>deal is part of a broader push to move closer

0:13:12.840 --> 0:13:15.480
<v Speaker 3>to the US to put the Trump trade war behind

0:13:15.520 --> 0:13:16.559
<v Speaker 3>them Mark.

0:13:16.960 --> 0:13:19.600
<v Speaker 2>Just before the phone call took place last week, Trump

0:13:19.640 --> 0:13:23.320
<v Speaker 2>reportedly halted more than four hundred million dollars in military

0:13:23.360 --> 0:13:27.040
<v Speaker 2>aid to Taiwan. That's according to the Washington Post. Now

0:13:27.160 --> 0:13:29.280
<v Speaker 2>we don't know if that move is connected to the

0:13:29.280 --> 0:13:33.439
<v Speaker 2>TikTok deal, but still that's a significant development on its own.

0:13:34.000 --> 0:13:35.040
<v Speaker 1>How are people reading that?

0:13:35.840 --> 0:13:38.600
<v Speaker 3>I think it's part of Trump's transactional diplomacy. We've seen

0:13:38.640 --> 0:13:41.240
<v Speaker 3>it in Europe with NATO, But of course it serves

0:13:41.240 --> 0:13:46.440
<v Speaker 3>his purposes of appeasing a key Chinese demand as the.

0:13:46.280 --> 0:13:48.600
<v Speaker 5>Talks for this TikTok deal are taking place.

0:13:49.080 --> 0:13:52.600
<v Speaker 3>So I would view it as possibly part of Trump's

0:13:52.679 --> 0:13:55.160
<v Speaker 3>art of the deal and also part of his transactional

0:13:55.200 --> 0:13:58.720
<v Speaker 3>diplomacy where he expects even the most key US allies

0:13:58.760 --> 0:14:00.000
<v Speaker 3>to pay their own way on defense.

0:14:00.640 --> 0:14:03.960
<v Speaker 2>We know that Beijing views Taiwan as an inseparable part

0:14:04.040 --> 0:14:07.280
<v Speaker 2>of its Chinese territory and US officials have said that

0:14:07.320 --> 0:14:10.120
<v Speaker 2>she wants the Chinese military to be ready to invade

0:14:10.160 --> 0:14:13.360
<v Speaker 2>Taiwan by twenty twenty seven if the US support for

0:14:13.400 --> 0:14:16.600
<v Speaker 2>Taiwan is now on the table, and that's obviously a

0:14:16.640 --> 0:14:19.720
<v Speaker 2>big if, that would be a huge win for China.

0:14:20.600 --> 0:14:23.520
<v Speaker 3>Yeah, the US is by far Taiwan's most important for

0:14:23.640 --> 0:14:26.320
<v Speaker 3>an ally, and I think Taiwan has been reading the

0:14:26.320 --> 0:14:28.720
<v Speaker 3>writing on the wall and it's been ramping up its

0:14:28.760 --> 0:14:31.920
<v Speaker 3>own defense commitments in part to play k Trump and

0:14:31.960 --> 0:14:37.400
<v Speaker 3>his transactional approach to their relationship. Taiwan's president has announced

0:14:37.440 --> 0:14:41.320
<v Speaker 3>plans to increase military spending and approve special funding to

0:14:41.320 --> 0:14:43.560
<v Speaker 3>acquire more drones and ships. So I think those are

0:14:43.560 --> 0:14:46.160
<v Speaker 3>the kinds of overtures that Trump wants to see from

0:14:46.200 --> 0:14:48.800
<v Speaker 3>Taiwan right now. He wants to see them taking defense

0:14:48.840 --> 0:14:50.960
<v Speaker 3>into their own hands and maybe not relying on the

0:14:51.040 --> 0:14:53.120
<v Speaker 3>US as much as they used to. He wants to

0:14:53.160 --> 0:14:56.680
<v Speaker 3>be seen as a harder sell. He wants to negotiate

0:14:56.920 --> 0:15:00.880
<v Speaker 3>and get better deals for the US by posture and

0:15:01.360 --> 0:15:05.160
<v Speaker 3>making countries think twice before counting on support from Washington.

0:15:05.960 --> 0:15:08.920
<v Speaker 2>Mark, this deal strikes me as very much of a

0:15:08.960 --> 0:15:12.120
<v Speaker 2>Trump deal right and art of the deal agreement. But

0:15:12.200 --> 0:15:14.280
<v Speaker 2>it doesn't seem as if people are really up in

0:15:14.440 --> 0:15:17.360
<v Speaker 2>arms about that that it's so transactional with everything on

0:15:17.400 --> 0:15:19.200
<v Speaker 2>the table up for negotiations.

0:15:19.520 --> 0:15:22.280
<v Speaker 3>Let's not forget that Trump is a master at messaging,

0:15:22.360 --> 0:15:24.920
<v Speaker 3>and I think the messaging here is very good for

0:15:25.000 --> 0:15:27.000
<v Speaker 3>the people he cares about the most in the US,

0:15:27.040 --> 0:15:29.560
<v Speaker 3>which are of course his voters in his bass. He

0:15:29.600 --> 0:15:33.600
<v Speaker 3>can say I went to China, I went to President

0:15:33.680 --> 0:15:36.640
<v Speaker 3>chigen Ping, and I extracted a deal that couldn't have

0:15:36.680 --> 0:15:39.880
<v Speaker 3>been struck under Joe Biden. I was able to get

0:15:39.920 --> 0:15:42.840
<v Speaker 3>them to concede on a number of critical points. I

0:15:42.920 --> 0:15:46.480
<v Speaker 3>was able to get the algorithm essentially copy and pasted,

0:15:46.960 --> 0:15:49.680
<v Speaker 3>and now under American ownership, I was able to get

0:15:49.840 --> 0:15:51.760
<v Speaker 3>six out of seven seats on.

0:15:51.720 --> 0:15:53.040
<v Speaker 5>The board for Americans.

0:15:53.440 --> 0:15:55.520
<v Speaker 3>I think for him it looks really good, and I

0:15:55.520 --> 0:15:57.200
<v Speaker 3>think he knows what he's doing when it comes to

0:15:57.720 --> 0:16:00.480
<v Speaker 3>selling this deal to Americans and to his base.

0:16:00.920 --> 0:16:02.560
<v Speaker 1>How does it then make she look?

0:16:03.120 --> 0:16:03.360
<v Speaker 5>For me?

0:16:03.560 --> 0:16:06.320
<v Speaker 3>I think it makes she look like he's more concerned

0:16:06.320 --> 0:16:08.800
<v Speaker 3>with the next ten years than the next six months.

0:16:08.960 --> 0:16:11.800
<v Speaker 3>He's playing a very long game here. He senses an

0:16:11.800 --> 0:16:14.920
<v Speaker 3>opportunity with Trump, like many other leaders, I think he

0:16:15.040 --> 0:16:19.480
<v Speaker 3>sees this transactional, very short term focused American president. How

0:16:19.480 --> 0:16:21.400
<v Speaker 3>many of those do you get in your lifetime? So

0:16:21.440 --> 0:16:23.960
<v Speaker 3>I think for him, maybe TikTok was the price to

0:16:24.000 --> 0:16:27.600
<v Speaker 3>pay for a better tariff deal, or a better deal

0:16:27.640 --> 0:16:31.600
<v Speaker 3>on rare earth magnets, better deal on access to Boeing airplanes.

0:16:31.920 --> 0:16:34.320
<v Speaker 3>These are the more important issues to the Chinese government.

0:16:34.920 --> 0:16:37.960
<v Speaker 2>But Josh says whether the TikTok deal could serve as

0:16:37.960 --> 0:16:41.400
<v Speaker 2>a blueprint for how Chinese companies might strike future deals

0:16:41.440 --> 0:16:43.560
<v Speaker 2>with Washington remains to be seen.

0:16:44.000 --> 0:16:48.720
<v Speaker 4>I think it's unclear right now. For instance, Trump hasn't

0:16:48.720 --> 0:16:52.120
<v Speaker 4>watered down restrictions on Chinese electric vehicles that carry similar

0:16:52.200 --> 0:16:55.880
<v Speaker 4>national security risks to a lot of folks. But it

0:16:55.960 --> 0:16:59.200
<v Speaker 4>does seem like everything sort of on the table right.

0:16:59.640 --> 0:17:03.320
<v Speaker 4>One thing we've also seen is on semiconductor chips, this

0:17:03.560 --> 0:17:07.119
<v Speaker 4>real transactionality, right, Trump allowing the age twenty chip to

0:17:07.119 --> 0:17:09.280
<v Speaker 4>be sold to China, but only so long as the

0:17:09.359 --> 0:17:12.439
<v Speaker 4>US government gets a fifteen percent cut of each of

0:17:12.480 --> 0:17:16.080
<v Speaker 4>those sales. So like the Hawk view is sort of

0:17:16.119 --> 0:17:18.159
<v Speaker 4>shifting a little bit, it seems in Washington right now,

0:17:18.160 --> 0:17:22.879
<v Speaker 4>where there's certain things aren't budgeting, like cars, farmland, whereas

0:17:22.880 --> 0:17:26.480
<v Speaker 4>other things maybe are more up for negotiation than we knew.

0:17:26.840 --> 0:17:29.320
<v Speaker 4>And so I think basically as all things with Trump,

0:17:29.560 --> 0:17:32.480
<v Speaker 4>you know, anything can be a negotiation at the right price.

0:17:33.080 --> 0:17:36.879
<v Speaker 4>It is consistent that Trump sees like revenue sources potentially

0:17:36.880 --> 0:17:39.199
<v Speaker 4>for the US government in this but of course has

0:17:39.240 --> 0:17:41.840
<v Speaker 4>been criticized by Vice President Mike Pence is former Vice

0:17:41.880 --> 0:17:45.240
<v Speaker 4>president and others, not just Democrats. But this is pushing

0:17:45.240 --> 0:17:48.720
<v Speaker 4>the US government too much into the realm of private business,

0:17:49.200 --> 0:17:50.960
<v Speaker 4>and that we're really sort of headed to like a

0:17:50.960 --> 0:17:54.240
<v Speaker 4>state run model in certain key sectors now more than

0:17:54.280 --> 0:17:56.480
<v Speaker 4>that it has been palatable for Republicans in the past.

0:18:00.720 --> 0:18:03.440
<v Speaker 2>This is The Big Take Asia from Bloomberg News. I'm

0:18:03.480 --> 0:18:06.800
<v Speaker 2>wanh to get more from The Big Take and unlimited

0:18:06.840 --> 0:18:09.719
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0:18:09.720 --> 0:18:13.680
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0:18:13.800 --> 0:18:16.200
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0:18:16.320 --> 0:18:19.200
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