U.S. President Joe Biden signed a package of bills involving TikTok Zhou Shouzi: A law will be passed to fight back

Finance Associated Press

2024-04-25 00:57Published on the official account of Cailianpress, a subsidiary of Shanghai Shanghai Poster Industry Group

Finance Associated Press, April 25 (edited by Niu Zhanlin) On Wednesday local time, U.S. President Joe Biden said that he had signed a $95 billion foreign aid package, which also involved forcing ByteDance to divest its app TikTok.

Biden claimed that there were many challenges and difficulties before the bill became law. He felt that the process could have gone more smoothly and that the bill should have reached his desk sooner, but both parties eventually overcame the odds and succeeded in passing the bill.

The day before, the bill received broad support in the US Senate, with almost all Democratic lawmakers and most Republican lawmakers approving it.

According to a statement released by the White House, after Biden signed the bill, the United States could begin sending weapons and equipment to Ukraine this week. It is reported that the bill includes more than $60 billion in aid for Ukraine and $26 billion in aid to Israel.

Biden said that the first batch of military equipment to aid Ukraine will begin to be delivered within hours, including various anti-aircraft ammunition, artillery shells, missile systems and armored vehicles, worth $1 billion.

In addition, the bill includes a provision for the liquidation of seized Russian assets and their transfer to Ukraine. It is reported that the transferred Russian assets this time are as high as $5 billion.

Critics argue that unilateral action without the cooperation of allies would weaken the dollar's position and hurt demand for US Treasuries. The Russian government has warned several times that Russia will take tough retaliatory measures if Western countries transfer the seized $300 billion of Russian assets to Ukraine.

Will fight back through legal channels

As for the TikTok-related terms, ByteDance will have about nine months to divest its U.S. operations or face a nationwide ban in the U.S. In addition, he could exercise a 90-day extension if Biden determines that progress has been made on the sale.

TikTok, for its part, vowed to fight back through legal channels, and the company said after Biden signed the bill: "It will be challenged in court." We believe that the facts and the law are clearly on our side, and that we will prevail in the end. The ban will destroy 7 million businesses and silence 170 million Americans. As we continue to challenge this unconstitutional ban, we will continue to invest and innovate to ensure TikTok remains a space where Americans from all walks of life can safely share their experiences, find joy, and be inspired. ”

In addition, TikTok CEO Zhou Shouzi released a video saying that it was a disappointing moment and reaffirmed the company's commitment to initiating legal challenges. "Rest assured, we're not going anywhere. The facts and the constitution are on our side, and we look forward to winning again. ”

(Finance Associated Press, Niu Zhanlin)

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