TikTok slams Trump Administration for new order banning dealings with the company

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Popular mobile app TikTok said in a Friday statement that it was “shocked” by the Trump Administration’s executive order that will ban U.S. companies from dealing with the owner of TikTok starting in 45 days. The Administration issued a separate order Thursday banning transactions with WeChat, which is owned by Tencent Holdings Ltd. While the specifics of the orders remain somewhat vague, President Donald Trump has been threatening a ban on TikTik use in the U.S., citing national security concerns. TikTok said that it has “sought to engage with the U.S. government in good faith” but that what the company “encountered instead was that the Administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses.” TikTok maintained that it has never shared user data with the China government and hinted at a possible legal battle ahead. “We will pursue all remedies available to us in order to ensure that the rule of law is not discarded and that our company and our users are treated fairly – if not by the Administration, then by the U.S. courts,” the company said. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.