HONG KONG, China (NBC) – President Trump’s announcement to ban dealings with the Chinese owners of consumer apps TikTok and WeChat sent ripples through Asian stock markets Friday.
The stock markets in Hong Kong, Shanghai and Japan saw a drop. WeChat owner Tencent’s shares fell as far as 10.1% before recouping some of its losses in afternoon trade.
The executive orders take effect in 45 days.
The White House said the move is necessary because the China-owned apps “threaten the national security, foreign policy and economy of the United States.”
The order against Tencent could have ramifications for users beyond WeChat, which is crucial for personal communications and organizations that do business with China.