US China Tensions with Tik Tok...

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Wall Street was set to pull back on Tuesday as President Donald Trump's moves to force China-owned TikTok into a sale of its U.S. operations drew a sharp rebuke from Beijing, ratcheting up tensions as the world slides into a pandemic-fueled recession.

Friction between the world's top two economies took a back seat in the first half of 2020 as the COVID-19 pandemic crushed global growth, and an escalation now would hamper the recovery of some exporters and importers and fan fears of a deeper economic slump.

With Microsoft Corp (O:MSFT) looking to buy short-video app TikTok's U.S. operations, Trump said on Monday the U.S. government should get a "substantial portion" of any deal price. On Tuesday, state-backed newspaper China Daily said the country will not accept the "theft" of the technology company.

Microsoft's shares were down 1.6% in premarket trading after surging more than 5% on Monday as the company confirmed it was pursuing a deal with TikTok.

"It will be interesting to see if Microsoft will be able to buy TikTok," said Stephen Lee, portfolio manager at Logan Capital Management in Newtown Square, Pennsylvania.

"(But) in the short term, we are more concerned with how soon the consumer is adapting and getting back to engaging with the economy."

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