TikTok to Come under Control of U.S. Businesses

The U.S. is taking control of TikTok: Trump signed an executive order transferring a controlling stake in the popular app to American companies.

The decision follows recent talks with Chinese President Xi Jinping. The White House chief expressed gratitude for the deal's approval. However, the app will now be "completely controlled by Americans."

At the same time, Trump is increasing economic pressure globally: starting October 1, he will impose 100% tariffs on patented pharmaceuticals unless their manufacturers localize production in the U.S.

Heavy trucks will also be hit, with a 25% tariff. A 50% tariff will apply to kitchen cabinets and bathroom furniture, and a 30% tariff will apply to upholstered furniture, provided they are manufactured abroad.