A ban in 45 days: For TikTok and WeChat, time is ticking away…

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U.S. President Donald Trump’s move to ban WeChat and TikTok roiled Asian markets and hit some of the highest profile technology stocks in the region.

Shares of WeChat operator Tencent Holdings Ltd. plunged as much as 10% before paring some of the losses. Other tech names such as Alibaba Group Holding Ltd. and Taiwan Semiconductor Manufacturing Co. were among notable decliners in Asia on Friday. The MSCI Asia Pacific Index turned lower to fall as much as 1.4%, snapping a four-day rising streak.

“There’s no saying how bad things could get,” said Hao Hong, chief strategist at Bocom International Holdings Co. “We don’t know where the negative headlines could end. Today, it could be social media, tomorrow it could be Baidu or some other company. It could be even banks that come next further down the line.”

https://www.bloomberg.com/news/articles/2020-08-07/traders-prepare-for-more-swings-from-rising-u-s-china-tensions?utm_content=business&utm_medium=social&utm_campaign=socialflow-organic&utm_source=twitter&cmpid=socialflow-twitter-business

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By Nikki Carvajal and Caroline Kelly, CNN

Updated 0355 GMT (1155 HKT) August 7, 2020

(CNN)President Donald Trump on Thursday issued executive orders that would ban the social media app TikTok and WeChat from operating in the US in 45 days if they are not sold by their Chinese-owned parent companies.

The orders, which use similar language, do not state that a certain amount of money from the sale needs to be sent to the US Treasury Department, which the President has been insisting on for several days.

The order regarding TikTok prohibits after 45 days “any transaction by any person, or with respect to any property, subject to the jurisdiction of the United States, with ByteDance Ltd.,” the Chinese company that owns the social media platform.

The move turns up the pressure on negotiations over the popular video app’s future through a potential sale. The dramatic back and forth began when Trump said last Friday night that he would ban TikTok from operating in the United States using emergency economic powers or an executive order.

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