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President Donald Trump had threatened to ban the app in the United States unless a satisfactory agreement was reached.
US President Donald Trump has voiced his approval of a deal that would allow the Chinese-owned video sharing app TikTok to continue operating in the United States.
Trump told reporters that he had given his “blessing” to a partnership between TikTok and US firms Oracle and Walmart.
The president ordered a ban on the app in the United States, citing national security concerns.
US security officials fear that the data collected by the owner of TikTok could be turned over to the Chinese government.
TikTok owner ByteDance has denied allegations that it is controlled or shares data with the ruling Communist Party of China.
On Saturday, Trump said the deal would ensure that the data of the roughly 100 million Americans who use the app is secure, telling reporters: “Security will be 100%.
“I have given my blessing to the deal,” Trump said as he left the White House before an election rally in North Carolina. “I approve the deal in concept.”
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ByteDance has yet to comment on the proposed TikTok deal, which would need further approval from the Chinese government.
President Trump’s support for the deal comes days after his administration said it would ban Americans from downloading TikTok through any app store starting Sunday.
However, the US Commerce Department said it had now delayed this deadline by a week to September 27 in light of “recent positive developments.”
The dispute over TikTok comes at a time of intense tensions between the Trump administration and the Chinese government over a number of issues, including trade disputes, protests in Hong Kong and Beijing’s handling of the coronavirus outbreak.
What is the proposed deal?
The deal would see the establishment of a new company, dubbed TikTok Global, Reuters news agency reported on Thursday. That company would have a majority of US directors, a US CEO and a security expert on the board.
Oracle and Walmart are expected to take a significant stake in the company, and ByteDance has accepted US user data security safeguards. The TikTok data would be stored by Oracle, which would have the right to inspect its source code.
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President Trump said the new TikTok company will be “fully controlled by Oracle and Walmart.”
The deal, Trump said, would provide new jobs and tax revenue for the country.
This is not the deal Donald Trump envisioned: He wanted the US branch of the company to be sold.
That is not exactly what is happening here.
This is more like a joint venture between three companies. Oracle and Walmart would act as “trusted partners” protecting US user data.
But in the proposed deal, TikTok’s Chinese owner Bytedance would still own much of the new entity.
So what made Trump decide to pass it?
Well, now you seem to be satisfied with the proposed security measures. But it is more complex than that. The deal also proposes a $ 5 billion education fund and will reportedly create 25,000 jobs in the United States.
However, this is not a closed deal, the Chinese government has yet to approve it, and there is no guarantee that it will happen.
What is TikTok?
TikTok is a video sharing application. Users can post up to one minute of video and have access to a vast database of songs and filters.
They use the app to share 15-second videos that often involve lip-syncing to songs, comedy routines, and unusual editing tricks.
The app collects a large amount of user data, including the videos people watch and comment on, location data, phone model, and even how people type. But much of this data collection is similar to other social networks like Facebook.
The app is reported to have around 800 million monthly active users around the world, most of whom are in the US and India.
India has already blocked TikTok and other Chinese apps. Australia, which has already banned Huawei and telecom equipment maker ZTE, is also considering banning TikTok.
More about TikTok:
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