A deal had been in the works this spring that would spin off TikTok’s U.S. operations into a new U.S.-based firm, majority-owned and operated by

A deal had been in the works this spring that would spin off TikTok's U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.

Commerce Secretary Howard Lutnick stated that if the Chinese do not hand over more control of TikTok, the app will end up becoming inaccessible to Americans.