Amazon has submitted a last-minute bid to acquire TikTok, a Trump administration official confirmed on Wednesday, as the deadline for a US ban on the popular social media platform approaches. The offer was made in a letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick, according to an official who spoke on condition of anonymity.

The bid was first reported by The New York Times, coming just days before the deadline for TikTok’s Chinese parent company, ByteDance, to sell the platform to an approved buyer or face a ban in the United States. While President Donald Trump has suggested he may extend the deadline, he has also indicated that he expects a deal to be finalized by Saturday.

Possible Investors in TikTok

Amazon’s interest in TikTok adds another player to an already competitive field of potential buyers. Among the companies that have expressed interest in acquiring TikTok’s US operations are Oracle and Blackstone. Oracle, which secured a 12.5% stake in TikTok Global in 2020, has long been seen as a leading contender, given its role as the app’s cloud technology provider.

In January, AI startup Perplexity AI proposed a merger with TikTok’s US division, suggesting it could rebuild the platform’s algorithm while avoiding monopoly concerns. The company emphasized its commitment to maintaining American oversight and data security in a blog post outlining its vision for TikTok’s future.

Other potential buyers include a consortium led by billionaire Frank McCourt, who recently brought on Reddit co-founder Alexis Ohanian as a strategic adviser. The group has reportedly offered ByteDance $20 billion in cash. Meanwhile, Employer.com founder Jesse Tinsley has assembled a competing consortium and is said to be offering over $30 billion. Additionally, Wyoming entrepreneur Reid Rasner has reportedly submitted a bid worth approximately $47.5 billion.

Concerns Over National Security

TikTok’s future in the US remains uncertain due to national security concerns raised by American officials. Both the FBI and the Federal Communications Commission have warned that ByteDance could potentially share US user data with the Chinese government. However, TikTok has repeatedly denied these claims, stating it has never provided data to Chinese authorities and would refuse to do so if asked. To date, the US government has not presented concrete evidence supporting the allegations.

Trump’s relationship with TikTok has been complex. Although he has millions of followers on the platform and has credited it with helping him connect with younger voters, his administration has also pushed for restrictions on the app. During his first term, he issued executive orders targeting both ByteDance and Chinese messaging app WeChat, citing security concerns.

With the deadline for TikTok’s fate rapidly approaching, all eyes are on ByteDance and the US government to determine whether Amazon’s bid—or another offer—will secure the platform’s future in the United States.

Tesla’s global sales fell by 13% in the first quarter of 2024, marking a significant decline for the electric vehicle giant as it struggles to maintain its market dominance. The drop in sales comes despite aggressive price cuts and promotional incentives, raising concerns about the company’s future performance.

Tesla reported 336,681 deliveries between January and March, down from 387,000 in the same period last year. Analysts had projected sales of around 408,000, making the shortfall even more pronounced. The disappointing figures signal potential trouble ahead for Tesla’s first-quarter earnings report, set to be released later this month.

Weak Demand and Market Challenges

Several factors are contributing to Tesla’s declining sales, including an aging vehicle lineup, increasing competition from rival automakers, and a shifting consumer sentiment. The company’s bestselling Model Y is reportedly due for an upgrade later this year, causing some buyers to hold off on purchases.

Market analysts also point to Tesla’s brand perception as a growing issue. Dan Ives, a senior analyst at Wedbush, highlighted soft demand in key markets like the U.S., China, and Europe. He attributed part of the decline to a “brand crisis” stemming from CEO Elon Musk’s public stance on political issues.

“The brand crisis issues are clearly having a negative impact on Tesla… there is no debate,” Ives said in a note to investors. “We knew the first-quarter figures would be bad, but they were even worse than expected.”

Tesla’s stock has fallen by nearly 50% since hitting a record high in mid-December. Some analysts had anticipated a boost in investor confidence due to expectations of favorable regulatory policies under a potential second Trump administration. However, those hopes have been overshadowed by concerns over the backlash against Musk’s leadership and its impact on Tesla’s customer base.

Rising Competition and EV Market Slowdown

The electric vehicle industry as a whole has seen a slowdown in sales growth, but Tesla has been particularly vulnerable to rising competition. Chinese automaker BYD, a major rival in the EV market, recently unveiled advanced battery technology that allows for ultra-fast charging, putting further pressure on Tesla’s market share.

In recent months, Tesla has aggressively cut prices and introduced incentives such as zero-interest financing to attract buyers. However, these efforts have not been enough to offset the slowdown.

The company’s struggles are reflected in the stock market as well, with Tesla shares slipping nearly 6% in early trading on Wednesday following the release of its delivery figures.

With Tesla’s first-quarter earnings report approaching, investors will be closely watching for further indications of how the company plans to navigate these growing challenges in an increasingly competitive EV market.

The European Union faces a potential economic shock as former U.S. President Donald Trump prepares to announce sweeping tariffs on European goods, a move that could slash exports by at least €85 billion and severely impact key sectors such as automobiles and pharmaceuticals.

The new tariffs, expected to be as high as 20% on all EU imports, are part of a broader trade policy shift that Washington has dubbed “Liberation Day.” If enacted, the measures would escalate transatlantic trade tensions and deal a significant blow to Europe’s already fragile industrial economy.

Germany and Central Europe Face the Biggest Impact

The EU exported €382 billion worth of goods to the U.S. in 2024, making America its largest single export market, accounting for 12% of the bloc’s total external trade. The automotive industry—one of Europe’s most vital export sectors—stands to suffer the most.

EU vehicle exports to the U.S. reached €46.3 billion last year, and with the new tariffs adding to an existing 25% levy imposed in March, combined duties on European cars could climb to 45%. This increase threatens to make European vehicles uncompetitive in the U.S., leading to a near-collapse in shipments.

Germany, Slovakia, and Hungary are particularly vulnerable, given their heavy reliance on automotive exports. Germany’s key manufacturing hubs—including Stuttgart, Upper Bavaria, and Wolfsburg—could see substantial losses, impacting Mercedes-Benz, BMW, and Volkswagen.

Slovakia, home to Kia and Volkswagen plants, and Hungary, which hosts Audi’s production in Gyor, also face significant risks. Any slowdown in Germany’s automotive exports would disrupt Central Europe’s tightly integrated supplier network, further amplifying economic consequences.

Pharmaceutical Sector Also at Risk

Pharmaceuticals, the EU’s most profitable export category to the U.S., are another major target. In 2023, pharmaceutical exports to the U.S. generated record trade surpluses, with Ireland and Denmark leading the sector, thanks to the success of companies like Novo Nordisk.

However, reports suggest that Trump may impose a specific tariff on semaglutide—the active ingredient in Novo Nordisk’s best-selling weight-loss drug, Ozempic. Such a move could significantly impact Denmark’s pharmaceutical sector while giving an advantage to American competitors.

Potential Economic Fallout and ECB Response

Goldman Sachs analysts warn that the new tariffs could push the eurozone economy toward a slowdown, if not a full recession. In their baseline scenario, the average tariff on EU goods would rise from 7% to 20%, leading to a 0.7% reduction in the euro area’s GDP by the end of 2026.

A worst-case scenario—where additional U.S. adjustments to Europe’s value-added tax system increase tariffs to 43%—could trigger a 1.2% cumulative GDP loss and push the eurozone into a technical recession by 2025. Inflation is also expected to rise, with core inflation potentially peaking at 2.3%.

In response, the European Central Bank (ECB) is likely to implement monetary easing. Analysts expect the ECB to cut interest rates in April and June, with another 25-basis point cut in July, bringing the deposit rate down to 1.75% to counteract economic stagnation.

As the EU braces for the official tariff announcement, concerns are mounting over the broader implications for trade, investment, and geopolitical relations between Europe and the U.S.