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Marketplace All-in-One

Clock starts on TikTok ban

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 24 April 2024

⏱️ 26 minutes

🧾️ Download transcript

Summary

Today, President Joe Biden took a decisive step by signing a bill that could ban TikTok in the U.S. unless its Chinese owner, ByteDance, divests from the company within nine months. This move echoes a long history of limiting foreign ownership of communications companies, dating back to the founding of this country. Also in this episode: Boeing’s financial woes, the NBA’s media bidding war and New England’s free college frenzy.

Transcript

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0:00.0

The effort to keep other countries out of our conversations online and off is way

0:07.5

older than this Tik-Tok fight. From American public media, this is Marketplace.

0:17.0

In Washington, I'm Kimberly Adams in for Kyra's doll.

0:25.8

It's Wednesday, April 24th, good to have you with us.

0:29.0

As you've no doubt heard at this point, today President Joe Biden signed into law a $95 billion for an

0:36.0

aid package including a provision that would force the owner of Tik-Toc to sell

0:40.6

the video app or see it banned in the United States.

0:44.0

The app's Chinese parent company, Bight Dance, now has several months to complete a sale.

0:49.0

In response, Tik-Tok called the measure unconstitutional and says the company will challenge it in court.

0:55.6

Now it's not every day Congress takes aim at a specific foreign-owned company over

1:00.8

national security concerns, But limiting ownership of firms in the US,

1:05.8

especially in telecommunications, has a long history, as Marketplace's Henry Epp reports.

1:12.4

By long history, we mean like all the way back to the founding of the United States, says Zephyr

1:17.1

Teachout, a professor at Fordham Law School.

1:19.3

The focus and anxiety about foreign corruption and foreign powers was really

1:24.3

central at the Constitutional Convention. The founders she says were really

1:28.4

concerned that foreign countries would try to meddle in the US so they passed

1:32.4

measures including the

1:33.5

emoluments clause which prohibits office holders from taking gifts from

1:36.9

foreign officials. Over the decades the government restricted foreign businesses

1:40.7

from taking part in energy, shipping, and telecommunications.

1:44.8

In 1912, the Radio Act was passed, which prohibited foreign ownership of radio stations.

...

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