US President Donald Trump has signed a presidential decree banning all US financial transactions with Chinese giants ByteDance and Tencent in 45 days.
The new presidential decision will prohibit Americans from conducting ‘transactions’ with ByteDance, the parent company of TikTok, and Tencent, the Chinese parent company of WeChat, starting September 20.
According to Trump, the popular video app TikTok poses a threat to the national security of the United States, because the Chinese government could obtain all kinds of data from the countless American TikTok users.
“This data collection threatens the Chinese communist party to gain access to personal information of Americans,” the decision said.
The ban also applies to WeChat, a social media app from the Chinese technology group Tencent. That app also “collects large amounts of information from users”, according to the decision.