The article I am choosing to discuss is called “Would a TikTok Ban Be Good for the US Economy?” published on March 14th, 2024 by Alexander Fabino, an economics and finance reporter at Newsweek. The article follows the ongoing debate surrounding the potential ban of TikTok, a Chinese-owned social media platform specializing in short-form video content. The ban, driven by rising tensions between the United States and China and national security concerns. The article highlights TikTok CEO Shou Zi Chew’s warning about the economic and social repercussions of the ban, including the loss of revenue and American jobs tied to TikTok. The article also touches upon potential scenarios and outcomes such as the possibility of Chinese retaliation against American companies operating in China. It presents various viewpoints from professionals and potential consequences but refrains from making any definitive forecasts about the outcome of a TikTok ban. On the other hand, the article sums that many American economists’ predictions suggest a nationwide ban on TikTok could benefit major U.S. tech companies by reducing competition, although the unpredictability of any Chinese retaliation is still a concern. An alternative future decision is also proposed by Steven Mnuchin – that a spearheading investor could possibly acquire TikTok which would keep the app operational and independent through decentralized ownership. I personally believe that the article fails to consider a consumer backlash as has been done many times in the past where American consumers are frustrated by the ban and boycott or refuse to switch over to other platforms, completely ridding of any possible benefit to American companies from the ban. But this issue is still ongoing and presently being discussed — I look forward to more discussion in the news on this topic.
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