Effort to crack down on TikTok gains steam in US Congress

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Good morning. An effort by the US Congress to force TikTok’s Chinese owner to divest it has gained steam after House Speaker Mike Johnson unveiled legislation to help send aid to Ukraine that could compel the Senate to act on control of the app.

The Republican Speaker said the House would vote on separate funding bills — for Israel, Ukraine and Taiwan — and on another that includes measures to confront China, Russia and Iran. This would contain language about the popular video-sharing platform that is almost identical to a previous measure that easily passed the House last month but which has languished in the Senate.

Assuming the House approves the bills when they come up for votes on Saturday, they would be bundled into one package and sent to the upper chamber, according to people familiar with the plan.

That would significantly boost the odds of the Senate passing the measure, since many senators will be reluctant to scupper military funding for Ukraine. Here’s what this could mean for TikTok.

And here’s what else I’m keeping tabs on today:

• Solomon Islands: Vote counting is set to begin in the Pacific archipelago’s parliamentary elections, which could offer a referendum on incumbent Prime Minister Manasseh Sogavare’s efforts to pursue closer ties with Beijing.

• Meetings: G20 finance ministers meet in Washington on the sidelines of the World Bank and IMF joint spring meetings.

• Results: Taiwan Semiconductor Manufacturing Company, Infosys, Blackstone and Netflix are among those reporting.

• China: The 14th Beijing International Film Festival begins.

Five more top stories

1. US President Joe Biden is pushing for tariffs to triple on Chinese steel and aluminium from the current average of 7.5 per cent. Biden’s call to increase tariffs comes as his campaign tries to shore up support among union workers in the swing state of Pennsylvania, which could play a decisive role in November’s US presidential election.

• News in-depth: China’s trading partners fear the country’s manufacturing boom could trigger a supply shock after better than expected first-quarter GDP data affirmed Xi Jinping’s industrial strategy.

• Opinion: Recent communication between the US and China matters precisely because the structural problem between the pair is probably insoluble, writes Edward Luce.

2. Australia is to increase defence spending by more than $32bn over the next decade as it prepares its military forces to be able to “resist coercion” that may arise in the Indo-Pacific. The country will boost spending on its naval surface fleet, long-range missile capability and an enlarged military force as well as the Aukus security pact.

3. Israel has decided to act in response to Iran’s drone-and-missile attack, the UK’s foreign secretary has said, as he warned that retaliation threatened to escalate hostilities. The “situation is very concerning”, David Cameron said after meetings in Jerusalem with Israeli leadership.

• Israelis split over Iran: While the Israeli public has overwhelmingly supported the war effort in Gaza, there is no such consensus over how to respond to Iran’s drone-and-missile strike.

4. A Boeing whistleblower testified to a US Senate committee that the aircraft manufacturer “absolutely” has a culture of retaliation against employees who raise safety concerns. The former quality engineer said he was told to “shut up” after raising safety questions about the 777 and 787 aircraft. Separately, he said he found a nail suspiciously embedded in his car tyre.

5. Exclusive: High-speed trader Jane Street expects its quarterly net trading revenue will be roughly $4.4bn, the highest level since the start of the pandemic. The blockbuster figures underscore how the secretive New York-based firm has quietly emerged as a trading powerhouse of global financial markets, out-earning a number of big rivals and banks.

The Big Read

Since Narendra Modi first won power a decade ago, his Bharatiya Janata party has dominated Indian politics. A big part of that success is often attributed to the personal charisma of Modi, who has developed an almost cult-like presence in Indian politics. But what is less appreciated is the sheer organisational depth and discipline of his party. Today’s Big Read takes a look inside one of the most formidable grassroots operations in modern democratic politics.

We’re also reading . . . 

• CNN: Chief executive Mark Thompson wants the 24-hour cable news network to undergo a digital overhaul in the face of an “existential” challenge to its business.

• US election: Donald Trump has raised $75mn less for his presidential bid than Joe Biden and is trailing his own campaign numbers from 2020, according to an FT analysis.

• Artificial intelligence: Can AI really change our material world? The compounds produced by the technology challenge our idea of novelty, writes Anjana Ahuja.

Chart of the day

China’s unfashionable state-owned enterprises are getting a second look from investors as their stocks beat the broader market and Beijing judges executives on share price performance.

Take a break from the news

Marathons today are like fashion weeks for the running community, writes the FT’s Grace Cook. She spoke to Max Vallot, co-founder of District Vision, who calls race week a “hyper potent environment for inspiration”.

Additional contributions from Nora Redmond and Tee Zhuo