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US President Donald Trump promised tariffs and taxes on other countries Monday, in a nationalistic inaugural address after being sworn in as the 47th president.”I will immediately begin the overhaul of our trade system to protect American workers and families,” he said at the US Capitol.”Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump added.Since his election victory in November, Trump has taken aim at allies and adversaries alike, raising the prospect of fresh levies to push other countries towards tougher action on US concerns.Before his White House return, Trump vowed to impose 25 percent tariffs on Canadian and Mexican imports, and an additional 10 percent on Chinese goods, if they did not do more about illegal immigration and the flow of fentanyl into the United States.On the campaign trail, Trump also floated the idea of much steeper tariff rates — 60 percent or more — on Chinese imports.But he stopped short Monday of unveiling new tariffs, which are applied on imported goods when a US buyer purchases them from abroad.- ‘America First Trade Policy’ -The White House said Monday that under the Trump administration, all agencies would adopt “emergency measures to reduce the cost of living.”It added that Trump would unveil his “America First Trade Policy,” stressing also that Washington would not be beholden to foreign organizations for its tax policy.In his speech Monday, Trump reiterated his plan to set up an “External Revenue Service” to collect tariffs, duties and revenues, promising “massive amounts of money” pouring in from foreign sources.The name is a play on the Internal Revenue Service, a bureau under the Treasury Department that administers and enforces US tax laws.”The American dream will soon be back and thriving like never before,” he said.Some analysts have warned that tariff hikes would bring higher consumer prices and weigh on GDP growth over time.But Trump’s supporters have pointed to his other policy proposals like tax cuts and deregulation as a means to spur growth.Trump’s Treasury secretary nominee Scott Bessent told lawmakers last Thursday that he disagreed the cost of tariffs would be borne domestically.On Monday, Trump also said his government would establish a new “Department of Government Efficiency.”The office dubbed DOGE, to be led by Elon Musk and businessman Vivek Ramaswamy, is eyeing some $1 trillion in cuts to federal spending.While DOGE has an advisory role, Musk’s star power and strong influence in Trump’s inner circle bring political clout.

European and Asian stock markets rose on Monday and bitcoin hit a fresh high as Donald Trump prepared to re-enter office as president of the world’s biggest economy.The dollar slid more than one percent versus the euro and lost similar ground against the pound after The Wall Street Journal reported that Trump would not immediately impose tariffs upon his inauguration.“The dollar is incredibly sensitive to the tariff outlook right now, and the new administration is already setting a tone suggesting that the fast-moving, shock-and-awe trade policy that Trump had promised is likely to be more measured than the market had expected,” commented Kyle Chapman, FX Markets Analyst at Ballinger Group.Oil prices also fell more than 1 percent.Kathleen Brooks, research director at XTB, suggested a second Trump term could prove to be less volatile than his first, noting that “Treasury Secretary Scott Bessant has spoken out against tariffs and is said to be a moderating influence on the President.”Noting forecasts of a flood of executive orders, Brooks said that there were signs that “a programme of tariffs is still under debate by Trump and his team.” Trump’s declarations during his re-election campaign and during the transition that he will impose hefty tariffs on imports had fanned fears of another debilitating trade war between the US and China, the world’s second-largest economy.Pledges to slash taxes, regulations and immigration have also led to concerns that inflation could be reignited and force the Federal Reserve to hold off cutting interest rates further, with some observers even flagging possible hikes.But sentiment was boosted by positive talks between Trump and Chinese President Xi Jinping last week that soothed worries about the incoming US leader’s second term.Bitcoin hit a record above $109,000 before easing as Trump, who has signalled plans to deregulate the cryptocurrency sector, prepares to be sworn in as US president.Over the weekend, Trump launched his own cryptocurrency, a so-called meme coin appropriately called $TRUMP, sparking feverish buying that sent its market capitalisation soaring to several billion dollars.”Markets are beating to the drum of Donald Trump on the day of his return to the White House,” noted Russ Mould, investment director at AJ Bell.Frankfurt’s blue-chip DAX soared past 21,000 points for the first time, closing just north of the figure for a 0.4 percent session gain.”In the new year, the German leading index has been the secret star among global stock indices,” despite a gloomy German economic outlook, said Jochen Stanzl, Chief Market Analyst at CMC Markets.London’s benchmark FTSE 100 index also traded close to record highs, finishing 0.2 percent higher.Wall Street was shut Monday for the Martin Luther King holiday, but US stock futures were solidly higher.”The start of a new presidency often brings fresh energy — and uncertainty — to the financial markets,” said Saxo Markets chief investment strategist Charu Chanana.”With Donald Trump’s inauguration, investors are bracing for significant policy shifts. This could mean changes in taxes, spending, and trade agreements.”Hong Kong’s stock market led gains in Asia amid hopes that the feared trade war can be averted.- Key figures around 1645 GMT -London – FTSE 100: UP 0.2 percent at 8,522.41 points (close)Paris – CAC 40: UP 0.3 percent at 7,731.94 (close)Frankfurt – DAX: UP 0.4 percent at 21,004.92 (close)Tokyo – Nikkei 225: UP 1.2 percent at 38,902.50 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 19,925.81 (close)Shanghai – Composite: UP 0.1 percent at 3,244.38 (close)New York – Dow: Closed for public holidayEuro/dollar: UP at $1.0404 from $1.0272 on FridayPound/dollar: UP at $1.2302 from $1.2168Dollar/yen: DOWN at 155.67 yen from 156.20 yenEuro/pound: UP at 84.56 pence from 84.41 penceWest Texas Intermediate: DOWN 1.7 percent at $76.57 per barrelBrent North Sea Crude: DOWN 1.2 percent at $79.80 per barrel

Bitcoin hit a record high above $109,000 on Monday as Donald Trump, who plans to deregulate the cryptocurrency sector and has launched his own “meme coin”, prepares to be sworn in as US president.Bitcoin surged to an all-time peak of $109,241 ahead of Trump’s inauguration ceremony, before falling back to around $107,000.The world’s biggest cryptocurrency has soared nearly 60 percent in value since Trump won the presidential election in early November, which saw it surpass $100,000 for the first time at the start of December.It came after he nominated cryptocurrency backer Paul Atkins to head the US securities regulator, reinforcing optimism that the new president will deregulate the sector. Despite having once branded cryptocurrencies a “scam”, Trump changed his stance and was a major advocate of them during his election campaign.When bitcoin reached the landmark $100,000 level, Trump wrote on his Truth Social platform: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”- $TRUMP -Over the weekend, Trump launched his own cryptocurrency, a so-called meme coin appropriately called $TRUMP, sparking feverish buying that sent its market capitalisation soaring to several billion dollars.Future first lady Melania Trump also issued her own cryptocurrency, $MELANIA.The $TRUMP meme coin, which is designed to capitalise on the popularity of a personality, movement or viral internet trend, was unveiled by the president-elect in a post on Truth Social and X — owned by fellow crypto enthusiast Elon Musk.”Beyond that optimism, Trump policies are expected to be a double-edged sword,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said on Monday. “His pro-growth policies and deregulation are expected to benefit the US economy but his tariff policies will certainly lead inflation higher.” Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.Bitcoin was conceived in 2008 by a person or group writing under the name Satoshi Nakamoto.It was pitched as a way to break free of mainstream financial institutions by establishing a decentralised platform for transactions.With Trump in the White House, “there are expectations that crypto will be brought more into the financial mainstream, with clearer rules about how individuals and firms can trade such assets”, Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Monday.Trump has vowed to make the United States the “bitcoin and cryptocurrency capital of the world”.The digital currency is created — or “mined” — as a reward when powerful computers solve complex problems to validate transactions made on a meddle-proof register known as the blockchain.Bitcoin has long been criticised for being the currency of choice for making untraceable payments on the so-called dark web, a hidden part of the internet used for criminal activities.The asset has also come under attack for facilitating money laundering and allowing extortion through ransomware attacks.Its carbon footprint is also under scrutiny since mining cryptocurrencies requires huge amounts of energy.burs-bcp/js

Most Asian markets rose Monday following a rally on Wall Street and a record-breaking day in Europe, with sentiment boosted by positive talks between Donald Trump and Chinese President Xi Jinping that soothed worries about the incoming US leader’s second term.A sense of caution has permeated trading floors ahead of the tycoon’s inauguration later in the day after he warned he would impose hefty tariffs on imports, fanning fears of another debilitating trade war between the economic superpowers.Pledges to slash taxes, regulations and immigration have also led to concerns that inflation could be reignited and force the Federal Reserve to hold off cutting interest rates further, with some observers even flagging possible hikes.Still, while dealers nervously eye the next four years, there was some relief after news of the phone call on Friday.Trump and Xi vowed to improve ties between Washington and Beijing, with the Chinese leader hoping for a “good start” to relations and the president-elect saying “it is my expectation that we will solve many problems together”.On his Truth Social media platform, Trump added: “We discussed balancing Trade, Fentanyl, TikTok, and many other subjects.”President Xi and I will do everything possible to make the World more peaceful and safe!”Their comments provided some cheer to markets, with the S&P 500 ending up one percent and Nasdaq 1.5 percent. London and Frankfurt had earlier chalked up fresh all-time highs.”The start of a new presidency often brings fresh energy — and uncertainty — to the financial markets,” said Saxo Markets chief investment strategist Charu Chanana.”With Donald Trump’s inauguration, investors are bracing for significant policy shifts. This could mean changes in taxes, spending, and trade agreements.”Hong Kong led gains in Asia amid hopes that the feared trade war can be averted, with Tokyo, Shanghai, Sydney, Taipei, Manila, Mumbai, Bangkok, Singapore and Jakarta also rising. Manila and Wellington fell.London and Frankfurt extended gains at the open while Paris also rose.Seoul slipped after the Bank of Korea cut its 2025 economic growth forecast owing to weakening sentiment and political risks following last month’s brief declaration of martial law by President Yoon Suk Yeol and the political crisis it has sparked.There was little relief from news that the South Korean central bank had unveiled a $250 billion support package for its exporters, citing the risk of possible tariffs by Trump.Bitcoin hit a fresh record of $109,241 on hopes for more supportive measures from Trump, who has pledged to make the United States the “bitcoin and cryptocurrency capital of the world”.On currency markets the yen edged up against the dollar ahead of the Bank of Japan’s policy meeting this week, with expectations that it will hike rates for the third time since March.Economists at Moody’s Analytics said the central bank has “struggled to provide consistent guidance on policy” but that recent hawkish comments from the governor and deputy governor “suggest further tightening is on the horizon”.”The yen has weakened significantly since the BoJ decided to skip a rate hike in December. This, combined with a series of hotter-than-expected inflation prints for consumer, producer and import prices, raises the odds of monetary policy action in January,” they added. – Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 38,902.50 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 19,925.81 (close)Shanghai – Composite: UP 0.1 percent at 3,244.38 (close)London – FTSE 100: UP 0.1 percent at 8,509.54Euro/dollar: UP at $1.0313 from $1.0272 on FridayPound/dollar: UP at $1.2213 from $1.2168Dollar/yen: DOWN at 156.00 yen from 156.20 yenEuro/pound: UP at 84.44 pence from 84.41 penceWest Texas Intermediate: FLAT at $77.88 per barrelBrent North Sea Crude: DOWN 0.3 percent at $80.56 per barrelNew York – Dow: UP 0.8 percent at 43,487.83 (close)

TikTok restored service in the United States Sunday after briefly going dark, as a law banning the wildly popular app on national security grounds came into effect.The video-sharing platform credited President-elect Donald Trump, who retakes power on Monday, for making the reversal possible — though the outgoing administration of President Joe Biden had earlier said that it would not enforce any ban. TikTok had shut down in the United States late Saturday as a deadline loomed for its Chinese owners ByteDance to sell its US subsidiary to non-Chinese buyers.Earlier Sunday, as millions of dismayed users found themselves barred from the app, Trump promised to issue an executive order delaying the ban to allow time to “make a deal.”He also called in a post on his Truth Social platform for the United States to take part ownership in TikTok.Trump said he “would like the United States to have a 50 percent ownership position in a joint venture,” arguing that the app’s value could surge to “hundreds of billions of dollars — maybe trillions.””By doing this, we save TikTok, keep it in good hands,” wrote Trump, who had previously backed a TikTok ban and during his first term in office made moves towards one.In a statement posted on X following Trump’s comments, TikTok said it “is in the process of restoring service.””We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans.”Beijing on Monday urged Washington to listen to “rational voices” over the ban.Foreign ministry spokeswoman Mao Ning also said China attached “great importance to and protect data privacy and security”.”We have never and will not ask companies or individuals to collect or provide foreign data located in foreign countries in a way that violates local laws,” she said.TikTok, which was back online in the United States by Sunday afternoon, did not address Trump’s call for part American ownership of the app.Wedbush Securities analyst Dan Ives told AFP the episode “marked a big win for TikTok and a political win for Trump,” likening the episode to “high-stakes poker between the US and China.”- President proof? -At a pre-election rally Sunday evening at a Washington sports arena, Trump hammered home his enthusiasm for saving the app, telling the crowd: “Frankly, we have no choice, we have to save it,” while indicating that there were a “lot of jobs” involved.”We don’t want to give our business to China, we don’t want to give our business to other people,” Trump told his supporters.The law allows for a 90-day delay of the ban if the White House can show progress toward a viable deal, but so far ByteDance has flatly refused any sale.The Biden administration said it would leave enforcement of the law to Trump.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.But it is also rife with disinformation, and its Chinese ownership has long spurred national security fears, internationally as well as in the United States.Sunday’s blackout came after the US Supreme Court on Friday upheld the legislation banning it pending any sale.Trump, who signed an executive order stepping up pressure on ByteDance to sell in 2020, has since credited the app with connecting him to younger voters.It is unclear what the incoming president can do to lift the ban unless ByteDance ultimately sells, however.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.- ‘I love TikTok’ -In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia, Margus Tsahkna, who said on X that banning the platform “must be considered in Europe as well.”The ban also became a hot topic at the Australian Open in Melbourne, where American tennis player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.Meanwhile, in the US state of Wisconsin, a man was accused of setting a fire early Sunday at an unoccupied building where a member of Congress keeps an office “in response to recent talks of a TikTok ban,” police in the city of Fond du Lac said in a statement.A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.The proposal did not include a price but the source estimated it would cost at least $50 billion.burs-oho/fox

Indonesia opened its carbon exchange to international buyers on Monday, aiming to raise funds to help meet ambitious domestic climate goals.The move opens the way for foreign investors to enter a market launched in September 2023 for domestic players.Carbon credits are generated by activities that avoid or reduce emissions of carbon dioxide — a potent greenhouse gas.They can be purchased by companies seeking to “offset” or cancel out some of their own emissions, either to comply with regulations or bolster their “green” credentials.Indonesia is one of the world’s biggest polluters and is heavily reliant on coal to fuel its growing economy.It has made little progress on a multi-billion-dollar investment plan agreed with the United States and European nations in 2022 to wean its power grid off coal.New President Prabowo Subianto last year brought forward the country’s timeline for carbon neutrality by a decade to 2050, and pledged to close hundreds of coal and fossil-fuel power plants by 2040. The government says it wants to build over 75 gigawatts of renewable energy capacity by 2040 but so far has laid out little detail on how it hopes to achieve that. It hopes that funds raised by carbon credits sales on the exchange will finance some of the green transition.The launch is an “important milestone in our collective journey towards a sustainable future”, Environment Minister Hanif Faisol Nurofiq said. The move comes after new guidelines on country-level trade in carbon credits were agreed at COP29 last year.But carbon credits have come under fire in recent years over revelations of shoddy accounting and even outright fraud in projects.Hanif said the government would guarantee every credit issued on the exchange, with scrutiny to ensure emissions could not be double counted.Some experts expressed skepticism about the exchange however, noting the domestic market had attracted relatively little interest.”If domestic demand was high, we wouldn’t need to open it to foreign entities,” Fabby Tumiwa, executive director of the Institute for Essential Services Reform, told AFP.He said the domestic exchange had not been designed to align with Indonesia’s emissions reduction strategy and he had concerns about the “additionality” of projects on the market.Carbon credit programmes must show that emission reductions or avoidance would not have happened without the credits, and are “additional”.This often requires trying to prove a counterfactual — what would have happened in the absence of the carbon credits — and has been a key problem for the sector. Fabby warned it was not immediately clear if the credits available on the exchange were compatible with standards set by other countries.Still, at least nine transactions took place at the start of Monday trade, accounting for more than 41,000 tons of carbon dioxide equivalent, according to a board at the stock exchange.

TikTok went dark in the United States on Sunday as millions of dismayed users found themselves barred from the popular app, with President-elect Donald Trump vowing to seek a reprieve.Hours before a law banning the Chinese-owned platform in the name of national security came into effect, TikTok was removed from app stores and told users attempting to log on that under the new legislation “you can’t use TikTok for now.”It said “we are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!”Trump, who had previously backed a ban and during his first term in office made moves towards one, posted “Save TikTok!” on his own Truth Social platform early Sunday. The blackout followed a US Supreme Court decision on Friday to uphold the legislation banning the video-sharing platform, unless Chinese owner ByteDance reached a deal to sell it to non-Chinese buyers by Sunday.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also now has a fan in Trump, who since signing an executive order stepping up pressure on ByteDance to sell in 2020 has credited the app with connecting him to younger voters.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office on Monday.The law allows a 90-day delay if the White House can show progress toward a viable deal, but ByteDance has flatly refused any sale.Outgoing President Joe Biden’s administration has said it will leave the matter to Trump and that it would not enforce any ban.It is unclear what the incoming president can do to lift the ban unless ByteDance sells, however.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.- ‘I love TikTok’ -Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.Other social media platforms such as X were flooded with memes and comments mourning the move early Sunday — though some posts were more cynical, with many pointing to Trump’s own previous efforts to ban TikTok. “Nothing is more American than banning TikTok before AR-15s,” posted X user David Leavitt, referring to an automatic weapon often used in US mass shootings. In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia — among the countries most resilient to disinformation, according to the European Media Literacy Index. “Banning TikTok must be considered in Europe as well,” Margus Tsahkna said on X, adding that the US banned app has been used to spread disinformation and manipulate elections, and is known to pose a national security risk. The ban even became a hot topic at the Australian Open tennis in Melbourne, where American player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.”I could not access it after my match,” Gauff said after winning her fourth-round match.”I love TikTok, it’s like an escape… hopefully it comes back,” the world number three told reporters.- Offers for TikTok -A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.The proposal did not include a price but the source estimated it would cost at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity.Meanwhile, thousands of worried TikTok users turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram, ahead of the suspension. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store last week. 

Millions of TikTok users were blocked from accessing the popular app in the United States as a national ban came into effect Sunday, with incoming president Donald Trump unable to intervene until he takes office.TikTok, removed from prominent app stores hours before the ban, said in a message to users attempting to log on that a “law banning TikTok has been enacted in the US.” “Unfortunately, that means you can’t use TikTok for now.”It said “we are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!”The blackout followed a US Supreme Court decision on Friday to uphold a law banning the popular video-sharing platform in the name of national security, unless its Chinese owners reached a deal to sell it to non-Chinese buyers by Sunday.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office on Monday.”The 90-day extension is something that will be most likely done, because it’s appropriate,” he said.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.Outgoing President Joe Biden’s administration has said it will leave the matter to Trump. TikTok CEO Shou Chew appealed to Trump after the court defeat, thanking him for his “commitment to work with us to find a solution.”Chew — who is also set to attend Monday’s inauguration — said Trump “truly understands our platform.”Besides removing TikTok from app stores, the law requires Apple and Google to block new downloads, with the companies liable for penalties of up to $5,000 per user if the app is accessed.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.In Europe, TikTok’s suspension drew praise from the foreign minister of Estonia — among the countries most resilient to disinformation, according to the European Media Literacy Index. “We’ve witnessed TikTok spreading disinformation & being a platform for election manipulations. On top of that, its vast data collection is known to pose a serious security risk,” Margus Tsahkna said on social media platform X.”Banning TikTok must be considered in Europe as well.”The ban even became a hot topic at the Australian Open tennis in Melbourne, where American player Coco Gauff scrawled “RIP TikTok USA” on a courtside camera.”I could not access it after my match,” Gauff said after winning her fourth-round match.”I love TikTok, it’s like an escape… hopefully it comes back,” the world number three told reporters.- Offers for TikTok -A last-minute proposal made Saturday by the highly valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could offer ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would create a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price but the source estimated it would cost at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity.Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation but he also acknowledged the legal uncertainty over the case.Adam Kovacevich, chief executive of industry trade group Chamber of Progress, warned that: “Congress wrote this law to be virtually president-proof.” Thousands of worried TikTok users turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram, ahead of the suspension. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week. 

TikTok warned users in the United States late Saturday that the app would soon become “temporarily unavailable” as a law banning it in the country was set to take effect — though President-elect Donald Trump said he was considering a reprieve.”We regret that a US law banning TikTok will take effect on January 19 and force us to make our services temporarily unavailable,” read a notification to US users who opened the app Saturday night. “We’re working to restore our service in the US as soon as possible, and we appreciate your support. Please stay tuned,” the message added.After months of legal tussles, the US Supreme Court on Friday upheld a law that would ban the popular video-sharing platform in the name of national security, unless its Chinese owners reach a deal to sell it to non-Chinese buyers by Sunday.Only months after overwhelmingly backing the law, lawmakers and officials were now fretting about the ban, with all eyes on whether Trump can swoop in and find a way to save the app.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping, Trump told NBC News on Saturday that he could activate a 90-day reprieve after he reclaims the Oval Office.”I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it’s appropriate,” he said, ahead of Monday’s inauguration.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.The administration of outgoing President Joe Biden has said it will leave the matter to Trump, and White House spokeswoman Karine Jean-Pierre qualified TikTok’s latest statements as a “stunt.”After the court defeat, TikTok CEO Shou Chew appealed to Trump, thanking him for his “commitment to work with us to find a solution.”Trump “truly understands our platform,” he added.TikTok has been lobbying furiously to thwart the law’s implementation, with Chew set to attend Trump’s inauguration on Monday.The law requires Apple and Google to remove TikTok from their app stores, blocking new downloads. The companies could face penalties of up to $5,000 per user who can access the app.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.None of the companies responded to requests for comment on Saturday.- Offers for TikTok -A last-minute proposal made Saturday by the highly-valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could allow parent company ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would create a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price for the transaction, but the source estimated it would be at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity and said he’s “ready to work with the company and President Trump to complete a deal.”Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation.He acknowledged the legal uncertainty over the case, with it remaining an open question whether an executive order by Trump to halt the ban would override the law.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Sarah Kreps, a professor of government and law at Cornell University, said that “if an executive order conflicts with an existing law, the law takes precedence, and the order can be struck down by the courts.”If TikTok is forced into a shutdown, its US-based rivals Instagram Reels and YouTube Shorts would benefit.Thousands of worried TikTok users have protectively turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week. 

TikTok has pledged to “go dark” in the United States on Sunday, threatening access for 170 million app users without 11th-hour guarantees from the government, as President-elect Donald Trump says he is considering a reprieve — after he takes office.After months of legal tussles, the US Supreme Court on Friday upheld a law that would ban the popular video-sharing platform in the name of national security, unless its Chinese owners reach a deal to sell it to non-Chinese buyers by Sunday.Only months after overwhelmingly backing the law, lawmakers and officials were now fretting about the ban, with all eyes on whether Trump can swoop in and find a way to save the app.From teenage dancers to grandmothers sharing cooking tips, TikTok has been embraced for its ability to transform ordinary users into global celebrities when a video goes viral.It also has a fan in Trump, who has credited the app with connecting him to younger voters, contributing to his election victory in November.After discussing TikTok with Chinese President Xi Jinping on Friday, Trump told NBC News on Saturday that he could activate a 90-day reprieve from the ban after he reclaims the Oval Office.”I think that would be, certainly, an option that we look at. The 90-day extension is something that will be most likely done, because it’s appropriate,” he said, ahead of Monday’s inauguration.”If I decide to do that, I’ll probably announce it on Monday.”The law allows a 90-day delay if the White House can show progress toward a viable deal, but TikTok owner ByteDance has flatly refused any sale.TikTok said late Friday its US services would “go dark” unless the government “immediately provides a definitive statement to satisfy the most critical service providers assuring non-enforcement” of the law calling for the platform’s ban.The administration of outgoing President Joe Biden has said it will leave the matter to Trump and White House spokeswoman Karine Jean-Pierre qualified TikTok’s latest statements as a “stunt.”After the court defeat, TikTok CEO Shou Chew appealed to Trump, thanking him for his “commitment to work with us to find a solution.”Trump “truly understands our platform,” he added.TikTok has been lobbying furiously to thwart the law’s implementation, with Chew set to attend Trump’s inauguration on Monday.The law requires Apple and Google to remove TikTok from their app stores, blocking new downloads. The companies could face penalties of up to $5,000 per user who can access the app.Oracle, which hosts TikTok’s servers, would also be legally obligated to enforce the ban.But it was not immediately clear how quickly users would feel the effects, and the Justice Department said implementing the ban could take time.None of the companies responded to requests for comment on Saturday.- Offers for TikTok -A last-minute proposal made Saturday by the highly-valued start-up Perplexity AI offered a merger with the US subsidiary of TikTok, a source with knowledge of the deal told AFP.That deal could allow parent company ByteDance a possible solution without selling off the app entirely. The plan, first reported by US broadcaster CNBC, would see the creation of a new joint venture combining the assets of US TikTok and Perplexity AI, which has been backed by Amazon founder Jeff Bezos. The proposal did not include a price for the transaction, but the source estimated it would be at least $50 billion.Frank McCourt, the former Los Angeles Dodgers owner, has also made an offer to purchase TikTok’s US activity and said he’s “ready to work with the company and President Trump to complete a deal.”Canadian investor Kevin O’Leary, who is involved in that offer, told Fox News that ByteDance was offered $20 billion for TikTok’s US operation.He acknowledged the legal uncertainty over the case, with it remaining an open question whether an executive order by Trump to halt the ban would override the law.”Congress wrote this law to be virtually president-proof,” warned Adam Kovacevich, chief executive of industry trade group Chamber of Progress.Sarah Kreps, a professor of government and law at Cornell University, said “if an executive order conflicts with an existing law, the law takes precedence, and the order can be struck down by the courts.”If TikTok is forced into a shutdown, its US-based rivals Instagram Reels and YouTube Shorts would benefit.Thousands of worried TikTok users have protectively turned to Xiaohongshu (“Little Red Book”), a Chinese social media network similar to Instagram. Nicknamed “Red Note” by its American users, it was the most downloaded app on the US Apple Store this week.