1 week ago
84.4K 👀

How worried are American companies operating in China about Donald Trump's TikTok ban?

#CNBC #world news #Squawk Box U.S. #stock market #News & Politics
Emily Glazer, reporter at the Wall Street Journal, and Cecilia Kang, technology reporter at the New York Times, join "Squawk Box" to discuss President Trump's decision to issue an executive order that would effectively ban Chinese-owned companies TikTok and WeChat in the US. Subscribe to CNBC PRO for access to investor and analyst insights on TikTok and more: https://cnb.cx/3dIH56N
When President Donald Trump late Thursday issued an executive order to effectively ban WeChat in 45 days, it was a devastating blow to the U.S. users who rely on the app to communicate with family and friends in China..
WeChat operates a slew of services, such as ride hailing and making payments, within the app in China, but its flagship service is its messaging platform. It’s picked up little traction in the United States compared with China, but the Chinese-owned messaging service is key for people who need to communicate between the two..
Banning the app would give those who use it no other free option to quickly communicate with friends and family in China. It’s impossible for users to switch over to U.S.-based messaging platforms, since China has already blocked the apps that Americans rely on, such as Facebook’s Messenger and Instagram, Google and Snapchat.
WhatsApp, another popular global messaging service owned by Facebook, is also blocked in the country. Users can access the apps by going through a virtual private network, or VPN, but that’s often inconsistent and not an easy fix..
The bans of U.S.-based apps in China have allowed WeChat to swoop in and become a key service for funneling communication between the two countries..
I didn’t realize the prevalence of WeChat until four years ago, when a good friend went to visit her family in China for a month. Instead of relying on our usual Apple iMessage or Facebook Messenger to chat, we moved to WeChat. She explained that it’s the only way for her to send family members daily updates or have regular calls with them. A ban would effectively cut off easy communication between millions of families..
The executive order has already scared investors. WeChat is owned by the tech giant Tencent, which saw shares fall 5.04% on Friday. Tencent is also a titan in the video gaming space, with stakes in companies such as Activision Blizzard and Riot Games, so the repercussions could extend beyond WeChat.
“We are reviewing the executive order to get a full understanding,” a Tencent spokesperson told CNBC in an email..
The United States has recently ramped up its rhetoric against Chinese tech companies, with most of the attention going to TikTok, a social media platform operated by ByteDance. But Microsoft has already emerged as a strong contender to acquire TikTok’s U.S. business. There are no apparent leaders looking to save WeChat’s business in the U.S., meaning it could get left behind.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
For info on the best credit cards go to CNBC Select, https://www.cnbc.com/select/best-credit-cards/.

#finance stock #cable news #business news #us news #news station #stock market news #stocks #cable #finance news #money #breaking news #news channel #money tips #financial news

CNBC Television photo 1 How worried are American companies... CNBC Television photo 2 How worried are American companies... CNBC Television photo 3 How worried are American companies... CNBC Television photo 4 How worried are American companies...

Tell me one network company in the world that doesn't collect user's information

by 300432280 1 month ago

Just assume everything you do on line is monitored and recorded and you'll be fine. You certainly wont be wrong.

by srgreeniii 1 month ago

2020: Relationship ended with China
2021: Now with China

by onebacondoggo 1 month ago

I want to hear WeChat ban IPhone! LoL

by Eric Chen 1 month ago

Enjoy Convid19 party and I CAN'T BREATHE....I CAN'T BREATHE...........HAHAHA

by Maxi Max 1 month ago

How the hell will Wall Street and U.S tech giants sell "Free Market" "Internet Freedom" all over world except Five Eyes

by Luke hua 1 month ago

Y’all should be more worried about SAVING THE CHILDREN, than waste anymore energy on Tic-Toc!!!

by Nomadic Blackout 1 month ago

It would be really funny if TikTok will be over, people will be making their stupid s*** but not posting it there hahaha (I'm a millennial).

by Enrique Acero 1 month ago

If they are worried so much then they should come back.

by tesion tesfaye 1 month ago


by al jbug 1 month ago

More worried than our school departmentts.

by Jack Smack 1 month ago

American gov't always LIE to it's people in the name of National Security. I've never seen a people so much at the mercies of their gov't lies. You're gonna find out you've been manipulated but it would be too late. Some of these analyst know it's a pile of BS as well... they're the sellers.

by Xtremedia01 1 month ago

I invested in both stock and crypto but currently I believe crypto is doing more better!!"

by Jorge Kent 1 month ago

hmm can you tell who's sp9nsored by China

by sick000fight 1 month ago

Corporate fault for their own profits .

by G- Mo 1 month ago

Awesome and very insightful updates👍👏🏻✌ Well i will also say this here... No doubt the recent Covid-19 outbreak has done a lot of harm to humans and as well lead to high level of unemployment, i still strongly believe we can make good income mostly when it comes to investing in cryptocurrency and bitcoin trading still remain the first i will always advise. Reason because it's been so successful for me since this outbreak when i took part in day trading with accurate trading signals and strategy provided by Richard Owen who is a pro trader with vast knowledge in crypto. During my first month I was able to achieve a total of 6.7btc having traded with my initial 1.1btc with Owen’s signals which you would agree is a very good profit. So i would advise everyone seeking to grow a strong portfolio to make use of such a profitable signals, Owen can be reach via Whatspp: +17142425448 and Telegram @ Richard_Owen for inquiries into profitable trading systems.

by saber lebcir 1 month ago

Banning WeChat is devastating to many American companies. American companies in China make $350 billion/year. The Chinese don't use cash anymore and pay for everything using WeChat in their phones.

by Perfect Students 1 month ago

Should of broke off the relationship with China years ago. H1N1, Covid, how many more before they do the right thing?

by EasyFeeling 1 month ago

They made the bad decision to operate business in a communist country... Sounds like their mistake...

by Pixel Lives Matter 1 month ago

Mp3 Download

Next videos


Load More Similar Videos