Both houses of the U.S. Congress have passed a bipartisan bill that would require Chinese company ByteDance to sell the popular video app TikTok or face a ban in the United States.
The Protecting Americans from Foreign Adversary Controlled Applications Act (H.R. 7521), which would protect Americans and prevent foreign adversaries like China from targeting, surveiling, and manipulating the American people through online applications such as TikTok, was passed in the Senate by the 79 to 18 votes Tuesday.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.