WASHINGTON (AP) — President Donald Trump said Saturday he’s given his “blessing” to a proposed deal between Oracle and Walmart for the U.S. operations of TikTok, the Chinese-owned app he’s targeted for national security and data privacy concerns.
Trump said the proposed deal will result in a new company likely to be based in Texas and under the control of U.S.-based Oracle and Walmart.
“I have given the deal my blessing,” he said. “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.
TikTok said in a statement Saturday, “Oracle will become a trusted technology provider, responsible for hosting all U.S. user data.” The company said it is currently working with Walmart on a commercial partnership as well.
TikTok said it will maintain and expand the company’s global headquarters in the U.S., while bringing 25,000 jobs across the country.
Read the full statement below.