Trump blesses new TikTok deal involving Oracle and Walmart

US President Donald Trump has announced a possible deal between Oracle and Walmart to share the US operations of Chinese video sharing application TikTok, which was placed on a ban list due to security concerns.

The deal mandates the creation of a new American company — incorporated in Texas — and the prospect of 25,000 new jobs. Further, TikTok will give USD 5 billion to fund the education of American youths.

Trump said he has given his blessings to the new deal. “TikTok is moving along. We’re dealing with Oracle, which you know of, in combination with Walmart, another great American company. The security will be 100 per cent. They’ll be using separate clouds (data) and a lot of very, very powerful security,” Trump told reporters at the White House on Saturday.

Last month, Trump had signed an executive order to ban Chinese applications TikTok and WeChat by September 15 unless the ownership of the two Chinese companies changed to American hands.