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Illustration: Aïda Amer/Axios

Americans and U.S. companies will be banned from making transactions with ByteDance, the Chinese owner of TikTok, in 45 days, according to a new executive order President Trump issued Thursday evening.

The big picture: Last week Trump announced his intention to ban TikTok but said he'd leave a 45-day period for Microsoft or other U.S.-based suitors to try to close a deal to acquire the popular video-sharing app.

"This 45-day delay will give Microsoft and other interested purchasers time to reach a deal with TikTok’s owners that adequately addresses the national security concerns posed by the app," a White House official said.

Details: Trump's order cites "emergency powers" as the basis for the unusual order targeting a single foreign company.

  • According to the order, TikTok's "data collection threatens to allow the Chinese Communist Party access to Americans' personal and proprietary information — potentially allowing China to track the locations of Federal employees and contractors, build dossiers of personal information for blackmail, and conduct corporate espionage."
  • TikTok has long said that it stores all data belonging to U.S. customers in facilities outside of China that are not subject to Chinese law.

A similar order covers WeChat, a popular messaging app in China sometimes used by expatriates in the U.S. That order bars transactions with WeChat owner Tencent, the Chinese tech giant that invests widely in U.S. tech companies like Reddit and Fortnite publisher Epic Games.

This is a developing story.

Go deeper

Trump bans Americans from investing in 31 companies with links to Chinese military

Photo: Kevin Frayer via Getty

President Trump signed an executive order Thursday prohibiting American companies and individuals from owning shares in any of the 31 Chinese companies previously listed as enabling the People’s Liberation Army, effective Jan. 11.

Why it matters: Many of these companies trade on U.S. exchanges and are sometimes purchased by American investors as part of mutual funds. It’s unclear what effect Trump’s latest sanctions could have on the markets.

Nov 12, 2020 - World

The China tech selloff pauses

Illustration: Eniola Odetunde/Axios

Tech stocks rebounded slightly in China after Wednesday’s selloff that had been prompted by new antitrust rules proposed by Chinese regulators.

Why it matters: The regulations could limit the power of China’s biggest tech companies. By the FT’s math, the country’s tech sector lost $290 billion in value in the space of two days.

Biden administration reinstates fast-track deportation flights

Guatemalan immigrant Yamari Yaneli, 1, waits with her family for U.S. Border Patrol agents to transport them to a processing center. Photo: John Moore/Getty Images

The Biden administration on Friday resumed fast-track deportation flights to Central America, the Department of Homeland Security announced.

The big picture: Officials said Monday that they were planning to resume "expedited removal flights" following an increase in the number of migrants crossing into the Rio Grande Valley of South Texas, the Washington Post reports.