US President Donald Trump on Saturday approved a proposed deal between Oracle and Walmart for the US operations of TikTok, the Chinese-owned app he has targeted for national security and data privacy concerns.
Trump said the agreement would result in a new company likely to be based in Texas and under the control of US-based Oracle and Walmart.
“I have given the deal my blessing,” he said, speaking to reporters outside the White House. “If they get it done, that’s great. If they don’t, that’s OK too.”
Trump has been targeting TikTok, a video app popular with younger people, as well as WeChat, another Chinese-owned app.
The dispute over the two apps is the latest flashpoint in the rising tensions between the world’s two largest economies. The president said the new company will be hiring at least 25,000 people and making a $5 billion contribution to a fund dedicated to education for Americans.