Donald Trump says, 'I support TikTok' and 'Without TikTok, Facebook and Instagram will have more power'
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On April 24, 2024, US President Joe Biden signed the ' Protecting Americans from Foreign Adversary Controlled Applications Act ,' and TikTok is forced to decide whether to sell its business or suspend service in the US within 270 to 360 days of the bill's enactment. Donald Trump, the Republican presidential candidate in the 2024 US presidential election, said, 'I support TikTok.'
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Trump has previously expressed concerns about TikTok due to security issues, and when it was reported in 2020 that Microsoft was in talks to acquire TikTok, he reportedly said, 'We are considering banning TikTok in the United States,' and 'I have the authority to make that decision.'
Microsoft continues negotiations to acquire TikTok even after President Trump's 'TikTok ban' statement - GIGAZINE
However, Trump's stance on TikTok has softened in recent years. In March 2024, when discussions were ongoing about banning TikTok completely in the United States, he defended TikTok, saying, 'Banning TikTok would give even more power to Facebook, the enemy of the people.'
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Trump then opened his own official TikTok account in June 2024, and at the time of writing, he had approximately 8.4 million followers.
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Regarding TikTok, Trump said, 'I support TikTok because we need competition. If we lose TikTok in the United States, Meta, which owns Facebook and Instagram, will become the dominant force.'
Following the shooting of Trump on July 14, 2024, American investors have expressed hope that Trump will be re-elected as president. As a result, the stock market and cryptocurrency market temporarily rose. Rob Casey of market advisory firm Signum Global Advisors said, 'The shooting of Trump has strengthened the outlook that Trump will win the presidential election in November 2024. The stock and cryptocurrency markets also seem to agree with this.'
If Trump is re-elected as president, it is expected that he will implement a policy called 'Trump Trade.' During his term as president, Trump signed the Tax Cuts and Jobs Act (TCJA) in 2017, lowering the federal corporate income tax rate from 35% to 21%, and has declared that he will 'further lower the corporate tax rate to 20%' in June 2024.
On the other hand, Trump has hinted at increasing tariffs on foreign imports, and when Biden announced that he would quadruple tariffs on Chinese electric vehicles, Trump said , 'I will seek similar measures on many other products.'
Quartz, an international media outlet, speculated on which markets would be greatly affected if Trump were re-elected as president, saying that the medical sector, banking, the cryptocurrency market, and the oil stock market could benefit greatly. Tesla, owned by businessman Elon Musk, who revealed that he will donate $45 million (approximately 7.14 billion yen) per month to Trump supporters, could also benefit.
Conversely, it was pointed out that companies that focus on clean energy sources such as solar, companies that are heavily dependent on foreign trade, and foreign companies based in the United States could face significant losses if Trump becomes president.
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