TikTok Ban Averted: Trump Gives Oracle-Walmart Deal His 'Blessing'

President Trump has given tentative approval to a deal that will keep TikTok alive in the U.S., resolving a months-long confrontation between a hit app popularized by lip-syncing teens and White House officials who viewed the service as a national security risk.

TikTok downloads were set to be banned in the U.S. starting at midnight Sunday, but that has now been averted.

"I have given the deal my blessing," Trump said. "I approve the deal in concept."

As part of the deal rescuing TikTok, U.S. tech company Oracle is joining hands with Walmart to form a new entity called TikTok Global, which will be headquartered in the United States.

That arrangement appears to satisfy the White House's concerns over the security of American user data, even though Chinese tech company ByteDance is expected to hold its majority-ownership position.