If Microsoft does end up buying video app TikTok, which is under threat of being banned in the US, it will mark a tipping point in global trade and geopolitics.

US President Donald Trump, never one to shy away from a baseless untruth or smearing a public opponent, has threatened to ban the Chinese-owned social media app. This prompted an offer from Microsoft, the one tech giant excluded from last week’s blistering US hearing into anticompetitive behaviour that targeted Amazon, Apple, Facebook and Google...

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