Judge says administration must defend or delay TikTok ban, Tesla files suit to stop Trump tariffs
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump and his administration with this weekly recap compiled by The Fly:
1. RBG REPLACEMENT PICK: On Friday afternoon, CNN's Jamie Gangel and Pamela Brown reported, citing multiple senior Republican sources with knowledge of the matter, that President Trump intends to pick Amy Coney Barrett as nominee for the vacant Supreme Court justice seat made available by the recent passing of Ruth Bader Ginsburg.
2. TIKTOK BAN: Reuters reported that U.S. District Judge Carl Nichols said that the White House must either postpone a ban on U.S. app stores offering TikTok for download or file legal documents defending the decision this week.
The U.S. Commerce Department order banning Apple (AAPL) or Google's (GOOG) app stores from offering TikTok for new downloads is set to occur late Sunday. Later in the day on Friday, however, Reuters added that the U.S. Justice Department has said it intends to oppose TikTok's request to delay the ban.
Oracle (ORCL) and Walmart (WMT) have agreed to take stakes in TikTok Global, a newly created U.S. company that will own most of the app's operations worldwide.
3. CHEVRON ASKS EMPLOYEES TO DELETE WECHAT: Chevron (CVX) has asked its global employees to delete Tencent's (TCEHY) WeChat from their work phones, making it one of the first U.S. company to heed Trump's ban on the Chinese app, Bloomberg reported. In an email to staff, Chevron called WeChat a "non-compliant application," saying those who do not delete it within days will be disconnected from the company's network.
4. TESLA SUES OVER TARIFFS: Tesla (TSLA) has filed a suit to stop the Trump Administration from collecting tariffs on parts the automaker imports from China, Bloomberg's Bob Van Voris reported, citing the suit. The company, which is challenging actions by U.S. Trade Representative Robert Lighthizer, is seeking an order declaring the tariffs unlawful and a refund with interest of amounts already paid.
5. REFORMS TO HOLD ONLINE PLATFORMS ACCOUNTABLE: On behalf of the Trump Administration, the Department of Justice has sent draft legislation to Congress to reform Section 230 of the Communications Decency Act. The draft legislative text implements reforms that the Department of Justice deemed necessary in its June recommendations and follows a year-long review of the statute. The legislation also executes President Trump's directive from the Executive Order on Preventing Online Censorship. "For too long Section 230 has provided a shield for online platforms to operate with impunity," said Attorney General William Barr. "Ensuring that the internet is a safe, but also vibrant, open and competitive environment is vitally important to America. We therefore urge Congress to make these necessary reforms to Section 230 and begin to hold online platforms accountable both when they unlawfully censor speech and when they knowingly facilitate criminal activity online." Companies that may be impacted by this include Facebook (FB), Alphabet, Twitter (TWTR), Snap (SNAP), Microsoft (MSFT) and Amazon (AMZN).
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.