Trump said his EO will give TikTok's Chinese parent company another 75 days to sell its stake in the social media app or else be banned in the U.S.

A deal for TikTok to be purchased has stalled due to Trump’s tariffs on China. A deal to spin off the U.S. assets of TikTok was put on hold after China indicated it would not approve the deal following President Donald Trump’s tariffs announcement this week, according to two sources familiar with the matter.

The deal remains in limbo, hostage to the emerging trade war between the U.S. and China. On Friday, Trump said he is extending the deadline for TikTok to be banned or sold off by its Chinese-owned parent company, ByteDance.

The White House was nearing a TikTok deal, but China halted the agreement after Trump announced wide-ranging tariffs, a source told AP.

China reportedly backed out of a deal to sell TikTok to U.S. investors a day after President Donald Trump announced wide-ranging global tariffs.

Under Mr Trump the process has run even farther off the rails. The president has no authority to delay the ban unless a deal is well under way. But on his first day in office Mr Trump signed an executive order telling the Department of Justice not to enforce the law for 75 days.

A group representing American egg farmers said it had discussions about the matter, but ultimately, it won’t scramble its plans to supply roughly 30,000 eggs for the event.