A deal to spin off TikTok's U.S. assets has encountered significant obstacles, following China's refusal to approve the agreement. This setback comes in response to President Donald Trump's recent announcement of increased tariffs on Chinese imports. Trump extended the deadline for ByteDance to divest U.S. assets to avoid a looming ban. The proposed plan would have created a new U.S.-based company with a majority of American investors, reducing ByteDance's stake to less than 20%. While the structure had been mostly finalized and received approvals from multiple stakeholders, China's disapproval has stalled progress. The Chinese Embassy emphasized Beijing's opposition to market…