If you think TikTok is messing with the heads of young people, consider what it’s been doing to America’s most powerful adults.
Last March, Congress voted overwhelmingly to ban the app on American soil unless a US buyer was found.
Despite claims or speculation that anyone from Elon Musk to MrBeast might be buyers, a deal has yet to emerge, with TikTok maintaining it’s not for sale.
Now, the US Supreme Court has dismissed legal challenges against the ban by the company and its users that said the new law would violate US free speech laws.
As things currently stand, the ban will take effect on January 19th, with TikTok saying the app will “go dark” in the US on Sunday.
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Mr Biden has said he will not allow prosecutions for violations of the ban during his last 36 hours in office.
Mr Trump has indicated he will use an executive order to effectively suspend the ban until a US buyer is found.
You can almost hear the chuckles in the corridors of the National People’s Congress in Beijing.
Though owned by ByteDance, a Chinese company, TikTok has never been available in China.
Image: Pic: Reuters
It was the US Congress that decided the app was (delete as appropriate to your level of paranoia): distracting; influencing; spying on; brainwashing American youth.
Yet it looks as if Mr Biden’s last day in office may be overshadowed by 170 million, mostly young, Americans opening their favourite app to be confronted with a blank screen – and blaming him for it.
And Mr Trump celebrating his inauguration with the chief executive of TikTok Shou Zi Chew, but without his 14.8 million followers on TikTok.
Not to mention the seven million US businesses, according to TikTok, that profit from the platform having to hawk their wares on Facebook, Instagram and X and understandably wondering about the fairness of it all.
It’s looking as if America called TikTok’s bluff and it simply “swiped up”, threatening to take all the dances, trends, memes and marketing opportunities with it.
And America has flinched.
Image: TikTok users protest against the ban. File pic: AP
So what happens now?
TikTok may accept the reassurance of Mr Trump and keep the app running in the US. But it’s a legally precarious position for a company as it would still be in breach of US law.
According to incoming National Security Advisor Mike Waltz, team Trump will “keep TikTok alive… if there is a viable deal”.
But what does that even look like?
TikTok’s success is largely based on its technology.
Its algorithm is famous (or infamous, depending on whether you are a teenager or parent) in social media for its ability to feed users content that keeps them glued to the app.
A powerful AI curates the “For You” page that tailors videos, not just based on content a particular user views, but the faces, video length, text and topics it thinks they will like.
The company has key patents on automatic music generation and various filters that help users create videos.
While it has a hefty 170 million users in the US, it has more than 1.4 billion more worldwide.
ByteDance has indicated that TikTok’s algorithm is not up for sale, nor, it’s reasonable to assume, are the rest of its patents.
Why would it give up all that for a fraction – albeit a lucrative one – of its overall market?
It seems unlikely a potential US buyer would pay much just to own TikTok’s platform and its list of US users if it had no way of offering them the same experience they enjoyed on the app before.
ByteDance (and the Chinese government which would have to approve the deal) could be persuaded to sell the app in its entirety to a US entity.
But the price is expected to be high: in the region of $100bn, which would be steep for even America’s richest tech titans.
That said, a deal could happen.
Mr Trump has announced he discussed TikTok on a call with China’s premier Xi Jinping.
Has the app become an unexpected pawn in US-China relations?
Keen to avoid punitive tariff’s threatened by Mr Trump, Beijing may be willing to let TikTok go.
Mr Trump may help close the deal, win favour with 170 million young voters, and gain powerful leverage over yet another social media platform.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
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Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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5:07
The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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3:27
How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”
Tanking stock markets, collapsing world orders, devastating trade wars; economists with their hair ablaze are scrambling to keep up.
But as we try to make sense of Donald Trumps’s tariff tsunami, economic theory only goes so far. In the end this surely is about something more primal.
Power.
Understanding that may be crucial to how the world responds.
Yes, economics helps explain the impact. The world’s economy has after all shifted on its axis, the way it’s been run for decades turned on its head.
Instead of driving world trade, America is creating a trade war. We will all feel the impact.
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0:58
PM will ‘fight’ for deal with US
Donald Trump says he is settling scores, righting wrongs. America has been raped, looted and pillaged by the world trading system.
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But don’t be distracted by the hyperbole – and if you think this is about economics alone, you may be missing the point.
Above all, tariffs give Donald Trump power. They strike fear into allies and enemies, from governments to corporations.
This is a president who runs his presidency like a medieval emperor or mafia don.
It is one reason why since his election we have seen what one statesman called a conga line of sycophants make their way to the White House, from world leaders to titans of industry.
The conga line will grow longer as they now redouble their efforts hoping to special treatment from Trump’s tariffs. Sir Keir Starmer among them.
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President Trump’s using similar tactics at home, deploying presidential power to extract concessions and deter dissent in corporate America, academia and the US media. Those who offer favours are spared punishment.
His critics say he seeks a form power for the executive or presidential branch of government that the founding fathers deliberately sought to prevent.
Whether or not that is true, the same playbook of divide and rule through intimidation can now be applied internationally. Thanks to tariffs
Each country will seek exceptions but on Trump’s terms. Those who retaliate may meet escalation.
This is the unforgiving calculus for governments including our own plotting their next moves.
The temptation will be to give Trump whatever he wants to spare their economies, but there is a jeopardy that compounds the longer this goes on.
Image: Could America’s traditional allies turn to China? Pic: AP
Malcolm Turnbull, the former Australian prime minister who coined the conga line comparison, put it this way: “Pretty much all the international leaders I have seen that have sucked up to Trump have been run over. The reality is if you suck up to bullies, whether it’s global affairs or in the playground, you just get more bullying.”
Trading partners may be able to mitigate the impact of these tariffs through negotiation, but that may only encourage this unorthodox president to demand ever more?
Ultimately the world will need a more reliable superpower than that.
In the hands of such a president, America cannot be counted on.
When it comes to security, stability and prosperity, allies will need to fend for themselves.
And they will need new friends. If Washington can’t be relied on, Beijing beckons.
America First will, more and more, mean America on its own.
Actors, directors and celebrity friends have paid tribute to Val Kilmer, after he died aged 65.
The California-born star of Top Gun, Batman and Heat died of pneumonia on Tuesday night in Los Angeles, his daughter Mercedes told the Associated Press.
She said Kilmer was diagnosed with throat cancer in 2014 but later recovered.
Tributes flooded in after reports broke of the actor’s death, with No Country For Old Men star Josh Brolin among the first to share their memories.
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2:49
Watch: Val Kilmer in his most iconic roles
He wrote on Instagram: “See ya, pal. I’m going to miss you. You were a smart, challenging, brave, uber-creative firecracker. There’s not a lot left of those.
“I hope to see you up there in the heavens when I eventually get there. Until then, amazing memories, lovely thoughts.”
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Kyle Maclachlan, who co-starred with Kilmer in the 1991 biopic The Doors, wrote on social media: “You’ll always be my Jim. See you on the other side my friend.”
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Michael Mann, who directed Kilmer in 1995’s Heat, also paid tribute in a statement, saying: “I always marvelled at the range, the brilliant variability within the powerful current of Val’s possessing and expressing character.
“After so many years of Val battling disease and maintaining his spirit, this is tremendously sad news.”
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Heat co-star Danny Trejo also called Kilmer “a great actor, a wonderful person, and a dear friend of mine” on Instagram.
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Cher, who once dated the actor, said on X that “U Were Funny, crazy, pain in the ass, GREAT FRIEND… BRILLIANT as Mark Twain, BRAVE here during ur sickness”.
Lifelong friend and director of Twixt, Francis Ford Coppola said: “Val Kilmer was the most talented actor when in his High School, and that talent only grew greater throughout his life.
“He was a wonderful person to work with and a joy to know – I will always remember him.”
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The Top Gun account on X also said it was remembering Kilmer, who starred as Iceman in both the 1986 original and 2022 sequel, and “whose indelible cinematic mark spanned genres and generations”.
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