Trump administration to review Oracle’s deal with TikTok
The US administration will review the “technical partnership” deal that ByteDance, the Chinese owner of popular video-sharing app TikTok, struck with Oracle for the application’s US operations.
The deal comes as TikTok has soared in popularity with American teenagers and become an important battleground in a growing tech war between the US and China.
Steven Mnuchin, US Treasury secretary, said the Committee on Foreign Investment would review the deal this week and decide if it protected the private data of Americans who use the app.
Worth mentioning here is that the Committee on Foreign Investment is an inter-agency panel in the United States that can block deals on national security grounds.
“We will be reviewing that at the Cfius committee this week, and then we’ll be making a recommendation to the president,” Mr Mnuchin, who chairs the Cfius process, told CNBC.