— A Trader Joe’s representative, on their viral mini tote bags being available this summer. TBD whether shoppers get carried away again.
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A Ticking Clock on TikTok?
The Story
The House is scheduled to vote on a bill today that could ban TikTok.
Wait, why?
China. For years, US officials have expressed national security concerns over the app, which is owned by the Beijing-based company ByteDance. The FBI and Justice Department have repeatedly warned that Beijing could use TikTok, which has more than 150 million US users, to surveil and exploit Americans. This week, a top intel agency released a report finding that the Chinese government used the app to meddle in recent US elections. TikTok says a US-based third party has been managing American user data since 2022, and that it cracks down on “deceptive behavior.” Still, that hasn’t stopped some members of Congress from trying to give TikTok the boot.
How would that even work?
The bill — which has bipartisan support in the House — gives ByteDance until the end of September to divest its ownership. That could look like selling to an American company. The main goal of the bill is to get TikTok (and other apps) to cut ties with foreign adversarial countries. If TikTok doesn't divest, users would not be allowed to download or update the app, which would eventually make it unusable.
But what will Gen-Z do?
It's bigger than Gen-Z. The ban could have major impacts on the US economy. Whatever your thoughts are on influencers, they add an estimated $100 billion to the US economy. The creator economy has also shaped the way millions consume information and decide what to buy. While influencers utilize other platforms as well, a TikTok ban would mean a financial hit. Plus, the company says nearly 5 million businesses use the app to promote their products or services.
Wait, so is this the end of TikTok?
TBD. Users have flooded Congress’s phone lines, asking lawmakers to let them scroll in peace. But lawmakers have been wanting to regulate the app for years. The bill they're voting on today has a decent chance of passing the House, but faces an uncertain future in the Senate. If it does get through both chambers, President Biden says he's on board to sign it.
theSkimm
TikTok excels at creating a fun, personal, and engaging experience for users. But lawmakers are worried the data collected to build that experience could fall into the hands of the US's biggest geo-political rival.
President Biden and former President Trump. They both earned enough delegates in last night’s primary contests to clinch their parties' presidential nominations. For weeks, a Biden-Trump rematch seemed to be inevitable — something many voters are not excited about. Still, Trump beat more than a dozen challengers, showcasing his grip on the Republican Party even as he faces 91 felony charges. Biden’s path toward the Democratic nomination has largely been uncontested. But he’s faced protest votes over the Israel-Hamas war and mounting concerns over his age. Now, November’s one step closer to becoming the first presidential election rematch in nearly 70 years. Next up: Biden and Trump’s nominations will be official this summer at the Democratic and Republican national conventions.
...Oh and speaking of Biden, a transcript of his interview with special counsel Robert Hur was released yesterday. Hur's report — released last month — led to a political firestorm after he said Biden could be viewed as an “elderly man with a poor memory.” Hur defended the report before a House committee. As for the transcript, it showed the 81-year-old president fumbling some dates, while still appearing coherent.
What didn’t chill out…
Inflation. Yesterday, government data showed that consumer prices ticked up last month, a sign that inflation is sticking around. Prices rose by 0.4% from January to February, slightly higher than December to January. While gas prices and airfare jumped, housing and rental costs cooled down a bit. Now, Wall Street is expecting fewer rate cuts this year from the Federal Reserve, as regulators are set on keeping inflation at bay.
…Oh and speaking of rising costs, nearly half of US parents are providing some kind of financial support to their adult children, according to a new study.
What’s the latest mystery out of the UK…
A silver monolith. Residents in Wales are trying to figure out how the tall structure made it on top of a hill. The monolith was reportedly discovered this week. It's giving many 2020 flashbacks, when a series of mystery monoliths appeared around the world.
Who's getting real and saying ‘you can't have it all’...
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