(WASHINGTON) — TikTok on Monday requested the emergency pause of a law set to ban the popular social media app next month.
A temporary lifting of the measure would afford the Supreme Court time to determine whether it should review the law, the company said in a court filing.
The filling arrives days after TikTok — which boasts more than 170 million U.S. users — lost a challenge against the measure in a federal appeals court.
A pause of the law would afford the Supreme Court time to determine whether it should “review this exceptionally important case,” TikTok said in the court filing on Monday.
The law would impose a nationwide ban of TikTok on Jan. 19, 2025, unless the company finds a different owner.
The ban would take effect one day before the inauguration of President-elect Donald Trump, who has signaled that he would seek to reverse a possible ban.
The legal pause would also allow the Trump administration an opportunity to decide its approach to TikTok, the company’s legal filing said.
TikTok had challenged the law on First Amendment grounds, arguing that a potential ban would deny American users access to a popular venue for public expression. Attorneys for the company also disputed claims that the app poses a national security risk.
In a ruling on Friday, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit rejected TikTok’s bid to overturn the law.
The federal court found merit in security concerns about potential data collection or content manipulation undertaken by the Chinese government.
Each of those two concerns “constitutes an independently compelling national security interest,” the court opinion said. The court cited previous instances in which the Chinese government had pursued data, noting the government’s use of relationships with Chinese-owned businesses.
The China-based app has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation. TikTok’s parent company, ByteDance, has denied those claims.
There is little evidence that TikTok has shared U.S. user data with the Chinese government or that the Chinese government has asked the app to do so, cybersecurity experts previously told ABC News.
In a statement on Monday, TikTok urged the Supreme Court to intervene on its behalf.
“The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional issue,” the company said. “Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people.”
(NEW YORK) — President-elect Donald Trump this week vowed to block the purchase of U.S. Steel by Japanese steelmaker Nippon Steel Corp., promising to bolster the domestic steel industry with tariffs.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, Trump said in a post on Truth Social, pledging to make U.S. Steel “Strong and Great Again, and it will happen FAST!”
Trump has proposed a tax as high as 20% on every product imported from all U.S. trading partners, as well as a tax of between 60% and 100% on all goods from China, the world’s leading steel producer.
Those policies could modestly improve the outlook for domestic steelmakers by hiking prices, boosting revenue and increasing employment, though the benefits would not lift the sector to the heights attained in its heyday, experts told ABC News.
The experts warned, however, that a potential rekindling of consumer price increases as a result of the wide-ranging tariffs could damage the steel industry as part of a wider economic slowdown.
The policies also risk harming the nation’s manufacturing sector as a whole, since the tariffs would hike costs for factories that rely on raw steel as an input, making those firms less competitive with their international counterparts, the experts said.
“We have tried to help the steel industry many, many times before,” Kyle Handley, a professor of economics at the University of California, San Diego, told ABC News, pointing to steel tariffs established during Trump’s first term and retained under President Joe Biden.
“Yet, here we are and the industry still needs more help,” Handley added.
In response to ABC News’ request for comment, the Trump transition team touted the tariffs imposed during his first term in office.
“In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation. President Trump will work quickly to fix and restore an economy that puts American workers [first] by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy,” Trump transition spokeswoman Karoline Leavitt said in a statement.
Tariffs remain popular with steel industry leaders. The Steel Manufacturers Association, or SMA, the largest U.S. trade association representing steelmakers, has urged the incoming Trump administration to strengthen steel tariffs.
“We are under constant threat from nonmarket economies who evade our trade laws to dump cheap, heavily subsidized, high-emissions steel and other products into the American market, making it hard for domestic manufacturers to compete,” SMA President Philip Bell said in a statement on Tuesday.
“Fortunately, President-elect Trump has vowed to use every tool he can to end unfair trade while stimulating growth in jobs and productivity,” Bell added.
In 2018, Trump slapped tariffs on aluminum and steel from a host of countries, including Mexico, Canada and the European Union.
Over the ensuing years, U.S. steel prices soared and output climbed.
The average price of a ton of hot-rolled steel — a common metric used for steel prices — soared from about $700 to $1,850 between 2017 and 2021, according to a study last year by the United States International Trade Commission, a government agency.
However, prices also spiked in non-U.S. steel markets over that period amid a global rise in demand, leaving only a modest impact from the tariffs, the study found. Steel production showed a similarly incremental advance, ticking upward by nearly 2% per year on average due to the tariffs, the study showed.
“It was a good thing for the steel industries because they were getting higher prices for steel and producing more,” Handley said.
The tariffs did not cause a sustained increase in employment for the steel industry, however, according to some data. Nationwide employment at steel and iron mills stood at 80,600 in 2017 — and registered the exact same number of workers last year, government data showed.
Technological advances in steel production have made the work less labor intensive, reducing the need for employees, Katheryn Russ, an economics professor at the University of California, Davis, told ABC News.
The proposed across-the-board tariffs could amplify the benefits for the steel industry that resulted from tariffs initiated during Trump’s first term, Russ said. But, she added, “It is unclear how it would affect employment in steel plants.”
Trump’s proposals would also intensify the negative effects that resulted from the first round of tariffs, including cost increases for a range of manufacturers that use raw steel as inputs, experts said. Those higher costs would hurt the competitiveness of such U.S. producers, risking lost revenue and potential layoffs, they added.
“Everybody who buys steel would now have higher costs,” Handley said. “We can have a debate about who should win or lose from that, but you can’t have everybody win.”
Economists widely forecast that tariffs of the magnitude proposed by Trump would also increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers.
A potential price spike risks slashing consumer purchases and slowing the economy, which would hurt a wide swath of businesses, including steel producers, Gordon Johnson, whose firm, GLJ Research, analyzes the steel industry, told ABC News.
“People will buy less of everything,” Johnson said. “That would be very bad for all U.S. businesses — steel companies as well.”
Still, Johnson said he understands the enduring cultural resonance of the steel industry, citing the phenomenon as a reason for why the sector receives attention from policymakers.
“When you say ‘steelworkers,’ you think of some guy who gets up at 6 a.m., gets McDonald’s coffee, puts on overalls and a big flannel and goes to work in the mill,” Johnson said. “He’s a hard worker and a quintessential U.S. citizen.”
He added, “Steel was a historic and traditional American staple. That’s why people care so much.”
(WASHINGTON) — The U.S. Department of Labor is investigating HelloFresh over allegations that the popular meal kit service employed migrant children at a cooking and packaging facility in Illinois as recently as this summer, ABC News has learned.
At least six teenagers, at least some of whom migrated from Guatemala, were found working night shifts at the facility, said Cristobal Cavazos, the executive director for Immigrant Solidarity, an immigrant rights advocacy group that helped report the matter to federal regulators.
“They’re minors working dangerous jobs,” Cavazos told ABC News.
The Labor Department is also investigating whether Midway Staffing, an agency that hires employees to work at the HelloFresh facility, also violated federal child labor rules, according to documents obtained by ABC News.
The German-based HelloFresh, which is the largest meal kit company in the U.S., is the latest food supply firm to come under scrutiny for allegedly employing underaged migrants.
The Department of Labor confirmed to ABC News it is investigating the HelloFresh facility and the staffing agency.
“We were deeply troubled to learn of the allegations made against a former temporary staffing agency,” a spokesperson for HelloFresh told ABC News in a statement. “As soon as we learned of these allegations, we immediately terminated the relationship.”
“We have strict protocols in place to ensure all vendors follow our robust global ethics and compliance policies,” the spokesperson said. “We have zero tolerance for any form of child labor, and we have taken action to ensure no minors perform work in or have access to our facilities.”
The spokesperson told ABC News that the facility, in Aurora, Illinois, is a Factor75 facility, which was acquired by HelloFresh in 2020. Factor75 is a prepared meal delivery services company.
Midway Staffing did not respond to a request for comment from ABC News.
In fiscal year 2024, the Labor Department found 4,030 children employed in violation of child labor laws across all industries. Of the 736 cases brought by the department, nearly half involved minors employed in violation of hazardous occupation laws.
According to immigrant rights advocacy groups and labor experts, migrant children in the U.S. are not only employed in agriculture and food supply jobs, but also in dangerous jobs including construction and roofing.
Last month, the Labor Department fined a sanitation contractor that employed children to perform dangerous work during overnight shifts at its Sioux City pork processing plant. Eleven children were found to have used “corrosive cleaners to clean head splitters, jaw pullers, bandsaws, neck clippers and other equipment” from at least September 2019 through September 2023, according to court documents.
In September, three immigrant teenagers filed a federal lawsuit against a seafood processing plant in Massachusetts alleging that the company forced the minors to work through “perilous, overnight shifts in its seafood processing plant.”
“In early 2023, American consumers were shocked to learn that children as young as 13 were working illegally in meatpacking plants throughout the U.S.,” Reid Maki, Director of Child Labor Advocacy for the National Consumers League, told ABC News, “It’s disturbing that this illegal hazardous child labor is continuing, with kids often exposed to caustic chemicals, working the night shift, and trying to attend school without sleep.”
“Some companies are ramping up monitoring, but the problem is pervasive and the U.S. Department of Labor badly needs congressional appropriations to increase the number of inspectors to make sure corporate efforts are succeeding,” Maki said.
(WASHINGTON) — A federal appeals court on Friday rejected TikTok’s bid to overturn a law banning the platform unless the company finds a new owner. The defeat moves the app closer to a U.S. ban, which is set to take effect on Jan. 19, 2025.
TikTok had challenged the law on First Amendment grounds, arguing that a potential ban would deny American users access to a popular venue for public expression. Attorneys for the company also disputed claims that the app poses a national security risk.
A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit ruled against the app, which boasts more than 170 million U.S. users.
The China-based app has faced growing scrutiny from government officials over fears that user data could fall into the possession of the Chinese government and the app could be weaponized by China to spread misinformation. TikTok’s parent company, ByteDance, has denied those claims.
In its ruling, the court found merit in security concerns about potential data collection or content manipulation undertaken by the Chinese government, referring to it by its formal name as the People’s Republic of China, or PRC.
Each of those two concerns “constitutes an independently compelling national security interest,” the court opinion said. The court cited previous instances in which the Chinese government pursued data, noting the government’s use of relationships with Chinese-owned businesses.
In a statement to ABC News on Friday, TikTok urged the Supreme Court to overrule the decision.
“The Supreme Court has an established historical record of protecting Americans’ right to free speech, and we expect they will do just that on this important constitutional issue. Unfortunately, the TikTok ban was conceived and pushed through based upon inaccurate, flawed and hypothetical information, resulting in outright censorship of the American people,” TikTok said.
“The TikTok ban, unless stopped, will silence the voices of over 170 million Americans here in the US and around the world on January 19th, 2025,” the company added.
There is little evidence that TikTok has shared U.S. user data with the Chinese government or that the Chinese government has asked the app to do so, cybersecurity experts previously told ABC News.
President-elect Donald Trump has voiced opposition to a potential ban of TikTok. The president is expected to try to stop the ban of TikTok after he takes office, The Washington Post reported last month, citing people familiar with his views on the matter.
The most straightforward way to reverse the policy would be a repeal of the law that enacted the ban in the first place, experts previously told ABC News.
A repeal would require passage in both houses of Congress, landing the measure on Trump’s desk for his signature.
Trump may encounter difficulty gaining support for repeal of the measure among lawmakers, however.
Congress voted in favor of the ban earlier this year. In the House of Representatives, the ban passed by an overwhelming margin of 352-65. In the Senate, 79 members voted in favor of the measure, while 18 opposed and 3 abstained.
(NEW YORK) — A federal appeals court on Friday rejected TikTok’s bid to overturn a law banning the platform unless the company finds a new owner. The defeat inches the apps closer to a U.S. ban, which is set to take effect on Jan. 19.
This is a developing story. Please check back for updates.
Fernando Gutierrez-Juarez/picture alliance via Getty Images
(NEW YORK) — The price of bitcoin dropped below $100,000 late Thursday, just a day after topping the milestone for the first time.
The world’s largest cryptocurrency continued to slide in early trading on Friday, before recovering some of the losses.
The turmoil for bitcoin did not appear to impact other major crypto coins. Ether, the second-largest cryptocurrency, climbed nearly 5% in early trading on Friday, exceeding $4,000 for the first time since March.
The turn of fortune for bitcoin interrupted a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.
Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S&P 500, which has risen about 5% over the same period.
Bitcoin has proven highly volatile since its launch about 15 years ago.
As recently as 2021, bitcoin suffered a downturn that cut its value in half. The same thing happened a year earlier, when the initial outset of the pandemic triggered a panic among investors.
“As long as the narrative stays positive, there’s always room to grow,” Bryan Armour, the director of passive strategies research at financial firm Morningstar, told ABC News before bitcoin reached $100,000.
“It’s still a highly volatile asset,” Armour added.
A surge had propelled bitcoin past $100,000 late Wednesday, just hours after Trump nominated crypto booster Paul Atkins to chair the Securities and Exchange Commission.
Atkins, the CEO of consulting firm Patomak Partners, serves as co-chair of the Token Alliance, a cryptocurrency advocacy organization.
Once a crypto critic, Trump has vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump has also promised to establish the federal government’s first National Strategic Bitcoin Reserve.
In a post on Truth Social early Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”
Trump has not spoken publicly about bitcoin since it fell below $100,000.
chairman of the US Federal Reserve Jerome Powell/photo credit:Yuki Iwamura/Bloomberg via Getty Images
(WASHINGTON) — U.S. hiring surged in November, bouncing back from a dismal performance in the previous month and returning to strong growth.
Employers added 227,000 workers last month, exceeding economist expectations of 214,000 additional jobs, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate ticked up to 4.2%, which remains historically low.
The fresh data offered a key clue about the health of the economy as the nation hurtles toward end-of-the-year holidays and the inauguration of President-elect Donald Trump. The findings could also help determine whether the Federal Reserve cuts interest rates when officials meet later this month.
U.S. hiring has defied doomsayers for years. Stubborn inflation, high interest rates and a contentious presidential campaign have proven no match for a resilient labor market.
A weaker-than-expected reading may have raised alarm and caused observers to revisit disappointing results in October, which many economists have attributed to one-off disruptions of data collection.
The labor market hit a rare speed bump in October as the economy added 12,000 jobs, its weakest performance since December 2020.
The data appeared to offer little more than a blurry snapshot due to data-gathering disruptions, however. A combination of hurricanes and work stoppages likely caused an undercount of hiring that month, experts told ABC News.
Despite an overall slowdown this year, the labor market has continued to grow. Hiring has persisted at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.
Overall, inflation has eased and the economy has expanded, giving rise to hope that the U.S. could achieve a soft landing.
U.S. GDP grew at a 2.8% annualized rate over three months ending in September, U.S. Bureau of Economic Analysis data last month showed. That figure fell slightly below economists’ expectations, but demonstrated brisk growth that was propelled by resilient consumer spending.
Inflation has slowed dramatically from a peak of more than 9% in June 2022, but price increases remain slightly higher than the Fed’s target of 2%.
The jobs report marks one of the last pieces of significant economic data before the Fed announces its next interest rate decision on Dec. 18.
The Fed is expected to cut interest rates by a quarter of a percentage point, according to the CME FedWatch Tool, a measure of market sentiment.
(NEW YORK) — The price of bitcoin topped $100,000 for the first time ever late Wednesday, and soared to a fresh high in early trading on Thursday.
The new gains extended a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.
In a post on Truth Social on Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”
Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S&P 500, which has risen about 5% over the same period.
But the breakneck pace of bitcoin’s growth poses a quandary for investors: Is it too late to buy into the rally, or will the good times continue to roll?
Investment analysts who spoke with ABC News gave reason to be optimistic about further gains, citing expectations of a friendly regulatory environment under Trump and continued interest rate cuts at the Federal Reserve.
The surge of momentum alone may pull investors from the sidelines, propelling the price of bitcoin higher, they added.
Analysts, however, warned that bitcoin remains a highly volatile asset, making it all but impossible to predict where its price will go next.
“Bitcoin clearly has some things going in its favor,” said Mark Hamrick, Washington bureau chief and senior economic analyst for Bankrate.com.
“The problem with bitcoin is that it’s unclear what drives the underlying fundamentals of the asset,” Hamrick added. “If somebody were to ask me where bitcoin is going in the next week, month or year, I have no idea.”
At least for now, bitcoin is on a tear. The latest surge coincided with a piece of good news for the crypto industry: Trump’s nomination on Wednesday of Paul Atkins to chair the Securities and Exchange Commission.
Atkins, the CEO of consulting firm Patomak Partners, serves as co-chair of the Token Alliance, a cryptocurrency advocacy organization.
Once a crypto critic, Trump has vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump has also promised to establish the federal government’s first National Strategic Bitcoin Reserve.
The positive developments for crypto extend well beyond Trump. In recent months, the Fed has cut interest rates and forecasted additional rate cuts to come. In theory, lower rates could ease consumer borrowing costs and drive more investment in bitcoin.
Strong performance this year has also been driven by U.S. approval in January of bitcoin ETFs, or exchange-traded funds. Bitcoin ETFs allow investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the crypto coin itself.
Bret Kenwell, U.S. investment analyst at eToro, said those favorable conditions for bitcoin are likely to persist.
“Those same catalysts have the longer-term picture still looking bright for bitcoin,” Kenwell told ABC News in a statement.
Still, experts offered up warnings about the volatility of bitcoin. Even amid its meteoric rise this year, bitcoin experienced a temporary downswing that slashed one-third of its value, Kenwell noted.
As recently as 2021, bitcoin suffered a downturn that cut its value in half. The same thing happened a year earlier, when the initial outset of the pandemic triggered a panic among investors.
Bitcoin has proven sensitive to negative developments for crypto and the wider market in part because it is difficult to peg the value of the asset, Steve Sosnick, chief strategist at Interactive Brokers, told ABC News.
Stock investors typically assess the value of a company’s shares by evaluating its service or product. Since bitcoin isn’t currently used as anything besides a store of value, the lack of a clear utility leaves little basis for assessing bitcoin’s value, which contributes to its volatile price movements, Sosnick added.
“Bitcoin isn’t really used in the real world,” Sosnick said, noting the asset could still move higher nevertheless.
“Right now, the public is very enamored with bitcoin,” Sosnick said. “It’s foolish to say that any number – whether it’s $75,000 or $100,000 or anything – is the end of the rise.”
(NEW YORK) — The price of bitcoin surpassed $100,000 for the first time on Wednesday, soaring to a fresh high as the world’s largest cryptocurrency extended a rally set off by the election of former President Donald Trump.
Bitcoin has climbed more than 40% since Election Day, when voters opted for a candidate viewed as friendly toward digital currency.
Those gains have far outpaced the stock market. The S&P 500 has increased about 2.4% over that period, while the tech-heavy Nasdaq has jumped 2.6%.
On the campaign trail, Trump vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump also promised to establish the federal government’s first National Strategic Bitcoin Reserve.
Trump said he would replace Securities and Exchange Commission Chair Gary Gensler, whom many crypto proponents dislike for what they perceive as a robust approach to crypto regulation.
Gensler announced that he plans to resign on Jan. 20, 2025, the date of Trump’s inauguration.
The post-election euphoria has lifted other parts of the crypto sector. Ethereum, the second-largest cryptocurrency, has climbed 27%. Lesser-known dogecoin has skyrocketed about 140%, while litecoin has surged 35%.
Shares of Coinbase, a top crypto trading platform, have increased more than 70% since Trump’s reelection.
The growth in recent weeks extends a remarkable turnabout for the once-beleaguered crypto industry. The sector entered this year bruised after a series of high-profile collapses and company scandals.
FTX, a multibillion-dollar cryptocurrency exchange co-founded by Sam Bankman-Fried, collapsed in November 2022. The implosion set off a 17-month legal saga that resulted in the conviction of Bankman-Fried for fraud. In April, Bankman-Fried was sentenced to 25 years in prison.
Changpeng Zhao, the founder and former CEO of major cryptocurrency exchange Binance, was sentenced to four months in prison in April after pleading guilty to charges that his platform had enabled illicit financial activity.
The reelection of Trump marks the latest in a series of positive developments that have buoyed cryptocurrency this year.
Those gains have been propelled, in part, by U.S. approval in January of bitcoin ETFs, or exchange-traded funds. Bitcoin ETFs allow investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the crypto coin itself.
Last month, options on BlackRock’s popular iShares Bitcoin Trust ETF (IBIT) were made available for trading on the Nasdaq. The options, which provide a new avenue for bitcoin investors, allow individuals to commit to buy or sell the ETF at a given price by a specific date. While such investments typically come with additional risk, they can also make large payouts.
IBIT inched upward 1% on Friday, reaching a record high of about $56.
Bryan Armour, the director of passive strategies research at financial firm Morningstar, attributed the recent crypto surge to investors’ anticipation of friendly policy under Trump, as well as the newly available options trading for bitcoin ETFs.
Still, the performance of cryptocurrencies, including bitcoin, has proven volatile, Armour added. The price of bitcoin could fall, especially if Trump encounters difficulty following through on his campaign commitments, he said.
“As long as the narrative stays positive, there’s always room to grow,” Armour told ABC News before bitcoin reached $100,000. “I also think campaign promises don’t always come to fruition.”
“It’s still a highly volatile asset,” Armour added.
(NEW YORK) — People haven’t only been filling their plates this Thanksgiving weekend — it also seems they’ve been filling their online shopping carts.
Black Friday online shopping this year is on pace to break a record with between $10.7 billion and $11 billion in sales, according to Adobe Analytics, which tracks U.S. e-commerce data.
As of Friday evening, spending on online shopping was up more than 8% compared to last year, according to Adobe.
The record pace of Black Friday buying follows record-setting online shopping on Thanksgiving itself, the analytics firm said. Consumers spent a record $6.1 billion online on Turkey Day — up nearly 9% compared to a year ago, according to Adobe.
What are people buying this Black Friday?
Adobe said deep discounts are likely fueling the online spending spree, including discounts on toys of more than 27% off the listed price. Toys have seen a 178% boost in online Black Friday sales so far, compared to an average day in October.
Other popular items on Black Friday include makeup and skin care sets, LEGO sets, “Wicked” toys, Bluetooth speakers, TVs, patio heaters and air fryers, according to Adobe.
Increasingly, online shopping is happening on smaller screens. More than half of all online sales on Black Friday — 57.6% — were on mobile screens, according to Adobe. That’s up from 55.5% last year.
