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Bloomberg Daybreak: Asia Edition
House TikTok Vote, Nippon Steel Deal
Mar 14, 2024
Topics include US House vote on TikTok, Nippon Steel's US Steel deal, Chinese lawmakers on AI and semiconductors, challenges in getting info from Chinese delegates, and analyzing China's tech advancements and global competitiveness.
23:49
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Quick takeaways
- The US House vote on TikTok signifies a potential divestiture approach over a ban, reflecting changing legislative perspectives.
- National security concerns surround Nippon Steel's acquisition of US Steel, prompting thorough reviews and possible stipulations to address implications.
Deep dives
US Legislation on TikTok Divestiture and Lobbying Efforts
US House of Representatives passed a bill focusing on TikTok's divestiture, representing a significant shift in the discussion on the app. Unlike previous discussions of an outright ban, this bill calls for TikTok's divestiture, positioning it as a potential ban by the company's perspective. The advocacy and lobbying efforts by ByteDance, TikTok's parent company, have been notable, spending a record $8.7 million on federal lobbying to influence opinions in DC. Despite lobbying, swift progress in the House raises questions on lobbying effectiveness and potential legal challenges ahead.
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