Long time coming

7 August 2020 By Pete Sweeney, Robyn Mak Follow @petesweeneypro

The White House will block “transactions” with the $687 bln tech giant. That could cripple its WeChat app outside China and put a vast portfolio of investments at risk, including “Fortnite” creator Epic Games. The ban could sting China harder than the campaign against Huawei.

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U.S. President Donald Trump on Aug. 6 issued an executive order to ban U.S. transactions with China's ByteDance, owner of video-sharing app TikTok, and Tencent, operator of the WeChat messaging app, starting in 45 days.

The order prohibits “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd. (a.k.a. Téngxùn Kònggǔ Yǒuxiàn Gōngsī), Shenzhen, China, or any subsidiary of that entity, as identified by the Secretary of Commerce (Secretary) under section 1(c) of this order. The Secretary will identify the transactions subject to this prohibition 45 days after the date of the order.”

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