Trump, TikTok and Crony Capitalism

President Trump on Saturday gave his blessing to a deal that would give U.S. investors including Oracle and Walmart majority ownership of the Chinese social-media app TikTok while allowing it to continue operating in the U.S. Maybe the deal will protect national security as the Trump Administration claims, but it reeks of corporate cronyism that will damage the U.S. government’s credibility and reputation for free-market rules.

To rewind the tape: Mr. Trump last month ordered Chinese social-media company ByteDance to divest…

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