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TikTok building US version of app ahead of sale talks

TikTok building US version of app ahead of sale talks

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TikTok is building a new version of its app for users in the United States called “M2” before a scheduled sale to a group of investors, according to information reported on Sunday, July 6.

This came after US President Donald Trump said on Friday, July 4, that he plans to speak with China on Monday or Tuesday this week about a potential TikTok agreement.

He mentioned that the United States almost agreed to sell the TikTok short-video app. 

TikTok suspended its deal with the US amid Trump’s tariff policies imposed on China

Earlier this year, an agreement was made that involved the creation of a new company in the US to handle TikTok’s operations in America. Moreover, American investors would be the majority owners and have access to the short video app. 

According to reports from reliable sources, TikTok formulated a strategy to introduce the new app to the United States app stores as early as September 5.

This followed Trump’s extension of the sales of the US operations of TikTok last month until a deadline of September 17 for China’s ByteDance.

TikTok users will eventually need to download the new app to continue using the service, though the current app will be functional until March of next year. The report added that this timeline could shift.

This new app has piqued the interest of the searchers. Some are curious about whether their followers and posts will transfer over immediately or later or if they should start from scratch once they get to the new accounts. Others ask why it is called “M2” along with other questions.

As for the TikTok deal, Trump said he anticipates “starting a dialogue” with China on Monday or Tuesday, perhaps with President Xi or a representative. They were very close to a deal, he said.

However, TikTok suspended this deal after China said it would not finalize the agreement in light of Trump’s declaration of heavy tariffs on Chinese goods.

In response, Trump mentioned that the United States would likely need to get a deal approved by China. TikTok did not immediately respond to a request for comment. 

When asked about his confidence in China’s willingness to agree, Trump responded that he was not completely sure, but anticipated they would. Based on his argument, President Xi and he have a strong relationship; therefore, he believed this deal would benefit both countries.

Trump relaxed export controls on China, creating room for a bigger deal 

Time has expired for some of the United States’ trading partners seeking to strike deals before President Trump’s July 9 deadline for tariffs to return to the higher levels originally suggested.

Trump said that letters will start going out to countries to inform them of the tariff rates they will encounter when exporting to the US, which will take force on August 1. Others of like character will succeed in the first 10 or 12 letters sent.

Following the deadline, Trump mentioned they will have complete coverage by the ninth. He further stated that the tariffs will vary, some around 60% or 70%, while others at 10% or 20%.

In the meantime, the Trump team has concentrated on securing trade deals, though it has been able to nail only three deals so far.

Scott Bessent, a United States Secretary of the Treasury, indicated that about 100 partners are on the hook for a minimum “reciprocal rate” of 10% as soon as this week and has said he is expecting a “flurry” of deals to get done between now and the deadline.

For China’s case, the United States has relaxed export controls on China for chip design software and ethane, further indicating that trade tensions are easing between the two countries after they reached an agreement in May on a plan to work towards a bigger deal. This 

Restrictions had been put in place only weeks ago. As a result of the relaxed export controls in China, software companies like Synopsys and Cadence said they would resume selling their tools for designing chips to Chinese customers. 

This positive outlook signals that Trump might strike a deal with China concerning the sales of TikTok’s US operations.

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Trump signs off on expansive bill he calls ‘big and beautiful’

Trump signs off on expansive bill he calls ‘big and beautiful’

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President Donald Trump has signed into law a $3.4 trillion budget package that extends tax cuts, introduces temporary breaks for tipped workers, and boosts funding to crack down on illegal immigration, delivering on a slate of key 2024 campaign promises.

Trump signed the one big, beautiful bill into law at a military family picnic at the White House for the Fourth of July. The president and his aides had long pegged Independence Day as a deadline for when they hoped to see the legislation on his desk, a timeline that appeared in peril just days ago.

The move marks the president’s most significant legislative achievement of his second term. Until now, Trump’s presidency has largely relied on executive orders rather than congressional action.

First lady Melania Trump attended Friday’s ceremony, and several Cabinet officials and numerous Republican lawmakers, including Speaker Mike Johnson (R-La.), House Majority Leader Steve Scalise (R-La.), House Majority Whip Tom Emmer (R-Minn.), and Rep. Jason Smith (R-Mo.).

The event featured dramatic touches, including a flyover by two B-2 bombers — the same model used in last month’s strikes on Iranian nuclear facilities.

“This is really promises made, promises kept,” Trump said before signing the bill. Calling it “the biggest victory yet,” he touted the measure as proof of American strength and a cornerstone of his economic agenda.

GOP rallies behind Trump to push budget through Congress amid tight deadline

The bill’s passage reinforces Trump’s dominance within the Republican Party. GOP leaders on Capitol Hill pushed the measure through both chambers this week despite razor-thin margins, vocal opposition from Democrats, and skepticism from fiscal hawks and moderates. Trump personally lobbied key lawmakers, even inviting some to the White House to seal their support ahead of the July 4 deadline.

But the political victory is not without cost. The sweeping legislation includes major spending cuts to healthcare and nutrition programs, prompting criticism from advocacy groups, fiscal watchdogs, and Democrats who warn of long-term consequences.

According to the nonpartisan Congressional Budget Office, approximately 11.8 million Americans could lose Medicaid coverage due to new work requirements, co-payments, and reimbursement caps. Hospitals, particularly rural ones, could face closures due to reduced federal support. Polls show the bill is broadly unpopular with the public.

Democrats have vowed to use the bill as a political weapon in the upcoming midterms, while some Senate Republicans fear electoral backlash from voters reliant on safety-net programs.

Trump hails ‘rocketship economy’ as $4.5 trillion in tax breaks take center stage

Still, the administration insists the package will supercharge the economy. Trump dismissed concerns over rising debt: “Our country is going to be a rocketship economically.” Despite opposition forecasts, he argued that tax reform, deregulation, tariffs, and energy production will drive growth.

The bill features $4.5 trillion in tax cuts, including an extension of the 2017 Trump-era tax reductions. It also offers new tax relief for tipped workers, overtime pay, certain auto loans, seniors, and parents. A key win for Republicans in high-tax states — like New York, New Jersey, and California — is expanding the state and local tax (SALT) deduction cap from $10,000 to $40,000 over five years.

The bill slashes incentives for renewable energy and electric vehicles to offset part of the cost, which could slow green infrastructure investments. Medicaid alone faces nearly $1 trillion in reductions, while food-aid programs will enforce expanded work requirements and penalties for states with error-prone benefit systems.

In contrast, the bill delivers hundreds of billions in new military spending and greenlights additional funds for immigration enforcement, aligning with Trump’s national security agenda.

As the country celebrates Independence Day, Trump is betting that this bold, controversial budget will reshape America’s economy — and his political legacy.

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Trump hits Iran with more oil sanctions under ‘maximum pressure’ policy

Trump hits Iran with more oil sanctions under ‘maximum pressure’ policy

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The White House announced new sanctions against Iran’s oil network on Thursday, piling more pressure on Tehran’s economy as President Trump pushes forward with his maximum pressure policy.

The penalties, confirmed by the Treasury and State departments, target dozens of companies and tankers accused of secretly helping Iran sell billions in oil under fake identities.

According to Bloomberg, the Treasury Department sanctioned a group of businesses that allegedly moved large volumes of crude by disguising Iranian oil as Iraqi. These shipments were sold to buyers in the West using falsified paperwork.

One of the names listed is Salim Ahmed Said, a dual Iraqi-British national. Said owns several firms accused of coordinating the transport and sale of Iran’s oil while hiding its true source. The Treasury said some of the proceeds went to Iran’s Islamic Revolutionary Guard Corps-Qods Force, a group the US has labeled a terrorist organization.

Treasury cracks down as Trump signals future relief

The State Department added six companies to its list, including four tankers involved in loading Iranian oil and hiding its origin. Officials say these vessels switched off their tracking systems, took cargo at sea, and masked documents to sneak past restrictions.

Scott Bessent, who now heads the Treasury, said, “Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to the financial resources that fuel its destabilizing activities.”

Despite the crackdowns, Iran’s oil still flows. Their output hasn’t dropped, and China remains a major buyer. While Trump hasn’t lifted the sanctions, he hinted at the possibility. After the recent US airstrikes on Iran’s nuclear facilities, attacks he claimed had “totally obliterated” the program, he said China could keep buying oil and left the door open for broader relief “if they can be peaceful.” He also went after Iran’s Supreme Leader in the same breath, showing no clear change in tone but floating a vague offer.

Trump signs law to boost oil and kill solar and wind subsidies

At the same time, Trump signed the One Big Beautiful Bill Act into law, ending decades of federal support for solar and wind energy. The House passed the bill Thursday, just before Trump’s deadline, with the Senate having approved it earlier in the week. 

Trump has made it clear he wants fossil fuels front and center. Last weekend, in an interview with Fox News, he said, “I don’t want windmills destroying our place. I don’t want these solar things where they go for miles and they cover up a half a mountain that are ugly as hell.”

The law eliminates the clean electricity investment and production tax credits for wind and solar farms. These credits were key to the industry’s growth, active since 2005 and 1992, respectively.

Trump’s new rules cut off those benefits starting in 2027, unless a project starts construction within 12 months of the law’s passage. A related credit for using US-made parts in solar and wind projects also ends after 2027, unless those projects begin soon.

Meanwhile, oil, gas, coal, and nuclear are the clear winners. Trump’s law opens more federal land and waters for drilling, including 30 lease sales in the Gulf of Mexico over the next 15 years. Another 30 sales per year are mandated across nine US states, plus expanded access to Alaska. The law also lowers the royalties that energy firms pay the government when producing on federal property, encouraging even more output.

The law also boosts carbon capture credits. Oil producers now get more money for injecting carbon emissions into the ground to extract additional crude. The hydrogen tax credit gets extended through 2028, which is great news for Chevron and Exxon, both investing in hydrogen fuel. Sommers welcomed that timeline extension, saying it fulfilled a top request from companies planning long-term projects.

Coal gets a piece of the action too. At least 4 million new acres of federal land are being opened for coal mining, and royalty fees are getting cut there as well. The law allows miners to use advanced manufacturing tax credits if they’re producing metallurgical coal, which is used to make steel.

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Sen. Lummis highlights a remedy for miners and stakers’ taxation

Sen. Lummis highlights a remedy for miners and stakers’ taxation

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The crypto industry supporters are backing Senator Cynthia Lummis’ amendment to include digital asset tax changes in the “big, beautiful bill.”

While senators consider passage of the more than 1,000-page reconciliation bill, the crypto-friendly Wyoming Republican is advocating for adding some provisions to address “unfair tax treatment” of crypto. 

In an X post, Lummis highlighted that for a long time, miners and stakers have faced double taxation. She added that they get taxed once when they earn block rewards and again when they sell them.

According to Lummis, the remedy for this is to end this unfair tax policy and make sure the US becomes the leading power in Bitcoin and cryptocurrency.

Sen. Lummis highlights a remedy for miners and stakers’ taxation 

A one-pager from Sen. Lummis’ office, obtained by reporters, hinted that the provisions would establish a de minimis exemption with a threshold of $300. It includes language about how miners and stakers are required to pay taxes.

According to the briefing, the goal is to match the taxes on mining and staking rewards with when people actually gain economic benefits, instead of making them report based on changing and often unclear market values when they receive them, the document stated. 

Additionally, it highlighted that this method helps avoid cash flow issues where taxpayers have to pay taxes on assets they have not sold and might find it hard to turn into cash.

In the meantime, some in the industry needed people to call lawmakers, including Senate Majority Leader John Thune, and express their support. In addition, various crypto advocacy groups have been lobbying for tax changes on crypto and, most importantly, pushing for a de minimis exemption.

Matthew Pines, a Bitcoin Policy Institute Executive Director, offered his opinion. In an X post, Pines noted that the Congress is currently drafting the Senate reconciliation bill and that a particular Bitcoin de minimis tax exemption is at stake.

“Please take five minutes today to call or email your elected officials — especially Senator Mike Crapo (R-ID), the top Republican on the Senate Finance Committee — and ask them to support this commonsense fix,” he added.

Kristin Smith, the president of the Solana Policy Institute, also expressed her support. According to Smith, fair tax rules for staking are essential for the US to lead in crypto. 

She also emphasized that Congress can boost local growth and create jobs by clarifying stakeholder tax rules. 

However, it is unclear whether Lummis’ amendment can find its way into the “big, beautiful bill.” 

Several foreign investors intend to shift from the US Treasuries  amid increased inflation

The Senate is currently voting on several proposed amendments, and President Trump is demanding that the Republicans get the bill through by Friday this week, according to reports from sources. The bill must still clear the House before landing on Trump’s desk.

As the bill moves through the US Senate, more foreign investors are looking to shift away from the US Treasuries, which are losing their appeal due to concerns about deficit spending and tariffs that could increase inflation. 

President Donald Trump’s large tax cut and big spending measures will ramp up US debt by $3.3 trillion, the nonpartisan Congressional Budget Office has estimated, as runaway deficits and sweeping debt led Moody’s to cut its credit rating in May.

Toshinobu Chiba, who manages rates and credit funds at Simplex Asset Management in Tokyo, stated that he was definitely worried about the growing fiscal deficit.

Chiba mentioned that he has been using futures to move away from the US Treasuries and invest in European debt. He then revealed plans to switch to the cash bond market once Trump’s “big, beautiful bill” is approved and inflation expectations rise. 

He anticipates that the first choices should be in Europe, especially the bunds and French bonds, adding that Australia and Singapore are also options for global investors.

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