Trump says he approves TikTok Oracle deal 'in concept'

By Alexandra Alper and David Shepardson WASHINGTON (Reuters) - U.S. President Donald Trump said he 'approves a deal in concept' that will allow TikTok to continue to operate in the United States, after threatening to ban the Chinese-owned app in August.

Reuters September 20, 2020 04:06:59 IST
Trump says he approves TikTok Oracle deal 'in concept'

Trump says he approves TikTok Oracle deal in concept

By Alexandra Alper and David Shepardson

WASHINGTON (Reuters) - U.S. President Donald Trump said he "approves a deal in concept" that will allow TikTok to continue to operate in the United States, after threatening to ban the Chinese-owned app in August.

He told reporters at the White House he was giving the deal with Oracle "my blessing" and that it had addressed U.S. national security concerns.

About 100 million Americans use TikTok and U.S. officials have expressed concern about user data and the potential for China to access that data.

"The security will be 100%," Trump told reporters. "Conceptually it's a great deal for America."

Reuters reported on Thursday the new company, dubbed TikTok Global, will have a majority of American directors, a U.S. chief executive and a security expert on the board.

Oracle has agreed to eventually own a 20% stake in the company, according to a source. If Walmart also successfully negotiates acquiring a stake, its CEO, Doug McMillon, would get a seat on TikTok Global’s board, the source said.

Trump said the new TikTok company will be "totally controlled by Oracle and Walmart."

(Reporting by Alexandra Alper; writing by David Shepardson; editing by Chris Reese)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.