Good afternoon. 🚨 The U.S. says it will ban WeChat and block TikTok software updates starting Sunday, a landmark move that will exacerbate U.S.-China tensions and could set a dangerous precedent for global tech policy in the 21st century.

• Welcome to a special edition of the Market. Below, the latest from Washington, Culver City, Silicon Valley and Beijing, and a deep dive on the big-picture implications of these bans.

• Plus, the latest on NBC vs. Roku, Joe Rogan and Market Links.

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⏲️ Moving the Market

The WeChat & TikTok bans: What we know

WeChat will functionally cease to exist in the U.S. Secretary of Commerce Wilbur Ross said the government will ban American companies from hosting or processing transactions for WeChat as of midnight on Sunday. The popular messaging and payments app will disappear entirely from the app platforms of Apple and Google in the U.S.

• "WeChat is dead in the United States," a senior administration official told CNBC's Eamon Javers.

TikTok still has time to save itself. President Donald Trump said Friday afternoon that the White House could still approve a deal that would turn TikTok into a U.S.-based company, thereby negating the ban. “I think it could go quickly,” he said, while noting that the U.S. would still need assurances of "total security" from China.

• The ByteDance-Oracle proposal would turn TikTok into a global company based in the U.S. called TikTok Global. When discussing the deal Friday, Trump praised both Oracle and Walmart, which is reportedly involved in the deal. (See our full report here).

• If a deal does not go through, the U.S. will ban software updates for TikTok at midnight on Sunday. The current version will be accessible for users who have already downloaded it, but it will be static. (NYT's Brian X. Chen has a nice explainer on that here.)

• An outright ban on TikTok would not come until Nov. 12, which means ByteDance would have roughly seven weeks to try to sell the White House on a restructuring of the company — with Oracle, or someone else — that would satisfy its security concerns.

The big picture: Whatever TikTok's fate, the Trump administration has set the precedent with WeChat. The United States executive branch will have unilaterally decreed that an app used by more than 1 billion people globally to communicate and send payments can no longer be accessed in this country. ...

TikTok HQ | VCG/Getty

🌁 Big in the Bay

WeChat, TikTok bans put Silicon Valley at risk

The Trump administration's decision to ban TikTok and WeChat could set a dangerous precedent that adversely affects U.S. tech companies and accelerates the balkanization of the internet, tech executives, public policy officials and other experts warn.

• The big picture: In the short term, the bans could benefit TikTok competitors like Facebook, YouTube and Snapchat, but in the long-term they could embolden other countries to implement similar bans on those companies, experts say.

What we're hearing:

• "Anytime a nation-state renders judgment on which applications can or cannot run 'in country' ... then it provides 'air cover' for countries to impose what I would describe as 'nontariff' trade barriers," Aneesh Chopra, who served as the first chief technology officer of the United States under President Barack Obama, tells us.

• "If you play it out, there’s a real risk more and more countries start to demand concessions or ban apps that we and other U.S. companies build," Adam Mosseri, the head of Instagram, said. "Over the next five to 10 years, [that] seems much worse than any benefit we get from weakening one competitor now. Remember, most of our users, and even more of our potential growth, are outside the United States."

The big picture: Tech executives and foreign policy experts have for many years believed the internet is effectively splitting into two: a U.S. internet and a Chinese internet, and that this division could redraw global allegiances and usher in a new geopolitical order.

• Eric Schmidt, the former Google chairman and CEO, recently said on CNBC that by taking "a data sovereignty position" with TikTok, the U.S. would set "the precedent that this will now be done against American firms that have global presence." That "sets in motion a whole bunch of things that can affect American dominance."

What's next: TikTok shares these concerns and has called on other tech leaders to join its fight against the impending ban.

• "We agree that this type of ban would be bad for the industry," Vanessa Pappas, TikTok's interim global chief, tweeted after Mosseri voiced his concerns on Twitter. "We invite Facebook and Instagram to publicly join our challenge and support our litigation. This is a moment to put aside our competition and focus on core principles like freedom of expression and due process of law."

• No response yet from Facebook.

⏰ Sunday, Sunday ⏰

The WeChat and TikTok bans will force Apple and Google to take action on those apps, roping the two smartphone giants into a thorny geopolitical drama they'd rather be left out of. As of Friday evening, neither company had publicly commented on their plans.

• Both companies are likely working through the language in the orders, which has some ambiguities. Barring a last-minute plot twist, they'll both hit the kill switch on WeChat on Sunday at midnight and block software updates on TikTok.

Rockafeller Center | Peacock/Getty

📺 Talk of TV Land

NBC vs. Roku: Crisis averted

NBCUniversal and Roku have reached a video distribution deal, averting a months-long impasse that had NBCUniversal threatening to blackout its apps on Roku in the eleventh hour, NBCUniversal spokesperson Pat Bunting tells us.

• The deal will keep NBC News, NBC Sports, E!, Bravo and the rest of NBCUniversal's apps on Roku while adding Peacock, the new NBCU streaming service that Roku had up until now been unwilling to carry.

• "We are pleased Roku recognizes the value in making NBCUniversal’s incredible family of apps and programming, including Peacock, available to all of their users across the country," Bunting said in a statement.

• NBCUniversal is the parent company of NBC News.

The big picture: "Spats between TV distributors and networks that grew out of the cable and satellite era are beginning to spill over into the streaming world," Axios' Sara Fischer writes.

• "Other streamers and streaming providers, like AT&T and Amazon, have also had carriage disagreements."