A symbol of TikTok (Douyin) is pictured at The Place shopping mall at dusk on August 22, 2020 in Beijing, China.

VCG | Visual China Group | Getty Images

BEIJING — The haggling over TikTok is the latest signal of a change in U.S.-China deal-making: rather than buying each other, companies may soon be looking to sell their cross-border holdings.

Amid the shock of the coronavirus pandemic and escalating U.S.-China tensions in the first half of this year, the total value of foreign direct investment and venture capital deals between the two countries fell to a near nine-year low, research and consulting firm Rhodium Group said in a report Thursday. The research said the $10.9 billion in deals for the January to June period was the lowest since the second half of 2011.

The decline continues a trend of the last three years, reversing a flurry of mergers and acquisitions

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