Podcast Summary: WSJ What’s News – “China, U.S. Near Deal on TikTok”

Date: September 17, 2025
Host: Caitlin McCabe (The Wall Street Journal)
Duration Covered: 00:20 – 10:50

Episode Overview

This morning edition focuses on three significant global developments:

• The potential resolution to the ongoing TikTok-US ownership saga, with the U.S. and China nearing a deal;
• President Trump’s unprecedented second state visit to the UK;
• Economic and market updates, including issues around Fed independence and a major leadership change at Ben & Jerry’s.

The tone is brisk, factual, and insightful, as typical for WSJ’s news summaries.

Key Discussion Points & Insights

1. U.S. Investors and TikTok: A Groundbreaking Deal in the Works

[00:36–03:26]

• Deal Structure:

  • A U.S. investor group (Oracle, Silverlake, Andreessen Horowitz) would acquire ~80% stake in TikTok’s U.S. business.

  • Chinese shareholders, mainly ByteDance, retain just under 20%.

  • American board dominance, with a government designee to ensure data security compliance.

    "What would happen is that these American companies would buy a collective stake of about 80% and leave the remainder a little bit under 20% for Chinese shareholders to own."
    —Jonathan Chang, China Bureau Chief (01:18)

• Algorithm as the 'Secret Sauce':

  • Beijing had long considered the TikTok algorithm a protected “national security concern.”

  • A likely compromise: the algorithm remains proprietary to ByteDance but will be licensed to TikTok USA—a crucial concession from China.

    "It's the secret sauce that makes it so successful... Beijing had treated this intellectual property, this algorithm, as a national security concern of its own."
    —Jonathan Chang (02:34)

• Implications:

  • Users in the U.S. would move to a standalone “TikTok USA,” possibly with a reengineered or licensed algorithm.

  • Both sides must still approve terms; the deal is not final.

    "It's worth noting that both China and the US still need to agree to these terms, which in turn could change the outline of this prospective deal."
    —Caitlin McCabe (03:26)

2. Politics, Economics, and the Independence of Data

[03:26–06:05]

• Bureau of Labor Statistics Shake-Up:

  • Erica McIntarfer, recently dismissed as commissioner by President Trump, warns her firing endangers economic credibility.

  • She compares the move to those in countries where ousting statisticians led to loss of trust and economic turmoil.

    "[Her] dismissal marks a, quote, dangerous step for the economy. MacIntarfer was dismissed in August after Trump complained about massive downward revisions to the number of jobs created this spring and accused her of manipulating the data to make him look bad."
    —Caitlin McCabe (03:26)

• Federal Reserve Drama:

  • President Trump’s appointee Stephen Myron was sworn in as Fed governor with unusual haste.

  • Democrats in the Senate introduced legislation to bar officials from holding concurrent White House and Fed roles, expressing concern over the Fed’s independence.

  • Myron remains Chair of the Council of Economic Advisers, theoretically setting up a conflict of interest.

    "Senate Democrats are worried that the Federal Reserve's independence when it sets interest rates could be eroded if officials can hold roles both at the White House and at the Fed."
    —Unnamed Senate Reporter (04:41)

• Interest Rates and Mortgages:

  • Despite expectations for a Fed rate cut, mortgage rates are unlikely to fall quickly.

  • Most experts predict rates may stay above 6% into the next year.

    "Those who've been predicting a big drop in rates have been wrong over and over again over the last few years."
    —Veronica Dagger, Personal Finance Reporter (05:41)

3. President Trump’s Second State Visit to the UK

[07:02–10:39]

• Royal Treatment for Trump:

  • Trump becomes the first U.S. president to enjoy a second state visit, including a private meeting with King Charles at Windsor.

  • British government uses “royal pizzazz” (e.g., parades, carriages, and flypasts) to woo Trump and advance UK trade and foreign policy interests.

    "This is really Britain laying on the royal pizzazz thick to try and win over Trump and butter him up."
    —Max Colchester, UK Correspondent (00:29, 07:37)

• Background and Strategy:

  • The invitation was presented with dramatic flair by the British PM, securing Trump’s favor.

  • The timing aligns with ongoing and future trade negotiations (notably steel tariffs) and efforts to secure continued U.S. support for European security, especially regarding Russia and Ukraine.

    "The UK government hopes that it can further negotiate down those tariffs, especially in areas such as steel. And there's also a big foreign policy dimension here."
    —Max Colchester (08:53)

• Potential Flashpoints:

  • Uncertainties remain as to whether Trump will keep demanding more once the UK/EU have made concessions.

  • Rising tensions on free speech issues, with U.S. conservatives pressuring the UK to loosen online expression policies.

  • This phase could test the limits of UK willingness to accommodate U.S. political priorities.

    "Once all that's been banked, does Trump come back and ask for more? And if so, does the UK and the Europeans continue to acquiesce, or will there be a point where they say no more?"
    —Max Colchester (09:34)

4. Ben and Jerry’s Co-founder Exits Over Social Justice Stance

[10:50–11:59]

• Leadership & Principles:

  • Jerry Greenfield leaves Ben and Jerry’s after nearly five decades, citing that the company is being forced out of social justice advocacy.

  • The split comes ahead of Unilever’s plan to spin off its ice cream business, and after repeated clashes over issues like the Israel-Palestinian conflict.

    "Ben and Jerry's has been silenced, sidelined for fear of upsetting those in power ... [the brand] was no longer allowed to stand behind social justice issues that were core to its business."
    —Jerry Greenfield, quoted by Caitlin McCabe (10:50)

• Unilever Responds:

  • Unilever thanks Greenfield and expresses public commitment to the brand’s mission, but the episode exemplifies ongoing tensions over corporate activism.

Notable Quotes & Memorable Moments

• "The reason why it's so special ... its algorithm. It's the secret sauce that makes it so successful." (Jonathan Chang, 02:34)
• "This is really Britain laying on the royal pizzazz thick to try and win over Trump and butter him up." (Max Colchester, 00:29 and 07:37)
• "Ben and Jerry's has been silenced, sidelined for fear of upsetting those in power." (Jerry Greenfield, paraphrased at 10:50)
• "Once all that's been banked, does Trump come back and ask for more?" (Max Colchester, 09:34)
• "Those who've been predicting a big drop in rates have been wrong over and over again over the last few years." (Veronica Dagger, 05:41)

Timestamps for Important Segments

• TikTok deal structure and algorithm negotiations: 01:18–03:26
• Federal Reserve independence and rate outlook: 04:41–06:05
• President Trump's UK visit, trade and foreign policy: 07:02–10:39
• Ben and Jerry’s co-founder exit over activism: 10:50–11:59

Summary

This WSJ What’s News episode dissects a historic TikTok ownership deal nearing closure, weighing its technical and geopolitical dimensions. It also examines the political calculations behind Trump’s rare UK state visit and the broader realignments in transatlantic relations and trade, while touching on ongoing controversies over data integrity in government and corporate activism. The episode is a concise but thorough briefing on several headline issues shaping global business and politics today.