Coming just one day after the US State Department said it would begin to block downloads of WeChat and TikTok for American users beginning on Sunday, September 20th, President Trump today signaled he has signed off a deal that would allow the app to remain. As The Wall Street Journal reports:
President Trump said he has agreed in concept to a deal under which Chinese-owned video-sharing app TikTok will partner with Oracle Corp. and Walmart Inc. to become a U.S.-based company, capping negotiations that have stirred debate over national security and the future of the internet.
“I have given the deal my blessing, if they get it done that’s okay too, if they don’t that’s fine too,” Mr. Trump told reporters at the White House on Saturday.
The new deal would form a new company called TikTok Global, and would under the request of President Trump give $5 billion to an education fund. The payment would be a follow through with President Trump’s demand that whatever deal made with TikTok, the US Treasury should receive a payment.
The new company, which will be called TikTok Global, has agreed to donate $5 billion to an education fund, which Trump said would satisfy his demand that the government receive a payment from the deal. “They’re going to be setting up a very large fund,” he said. “That’s their contribution that I’ve been asking for.”Bloomberg