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Business News of Thursday, 14 March 2024

Source: www.mynigeria.com

TikTok Ban: White House says President Biden will sign bill into law; China reacts

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The move by US authorities to ban the social media app TikTok unless it severs ties with its Chinese parent company has been slammed by China.

On Wednesday, the bill passed with bipartisan support from both sides of the political spectrum in the House.

China described the move as a "bandit" mentality and vowed it would "take all necessary measures" to protect the interests of its companies overseas.

TikTok which is owned by Chinese technology giant ByteDance is believed to be subservience to Beijing's ruling Communist Party. The ties with the government have fuelled concern in Washington.

Recall, that the US House of Representatives overwhelmingly approved a bill that would force TikTok to divest from its parent company or face a nationwide ban.

The bill is yet to pass the Senate, where it is expected to face a tougher test to become law.

"The US should truly respect the principles of a market economy and fair competition (and) stop unjustly suppressing foreign companies," Beijing's commerce ministry spokesperson He Yadong said at a press conference on Thursday afternoon.

Washington should also "provide an open, fair, just, and non-discriminatory environment for foreign companies to invest and operate in the US", he added.

"China will take all necessary measures to resolutely safeguard its legitimate rights and interests," he said.

Officially known as - the Protecting Americans from Foreign Adversary Controlled Applications Act - it now heads to the Senate, where it is unclear if it has enough support to pass, BBC reports.

If it does, the White House has said that President Joe Biden will sign it into law.