Potential government action against Chinese social media giant TikTok could result in backlash that damages U.S. companies, according to traders and guests on CNBC's " Fast Money ." TikTok CEO Shou Zi Chew testified before Congress on Thursday, taking heat from both sides of the aisle. Many members of Congress have called for TikTok to be either banned in the U.S. or for some sort of sale of the company that would wall off American user data.
"The Chinese government has spoken for the first time on this, and it's not pretty," Seymour said. Guy Adami, director of advisor advocacy at Private Advisor Group, said the potential blowback from China was the main thing he was looking for after the hearing. "It hasn't happened yet, and I hope it doesn't happen. But the companies in the crosshairs are clearly names like Starbucks , McDonald's , and Apple 's at the top of that list.
US companies need to do their own due diligence so they dont get put into the crosshairs.
Really they all should be banned. We all will be better for it