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Does TikTok's deal with Oracle avert a US ban?

September 14, 2020. Summarized by summa-bot.

Steven Mnuchin, U.S. Treasury secretary, listens during a House Select Subcommittee on the Coronavirus Crisis hearing in Washington, D.C., U.S., on Tuesday, Sept. 1, 2020. Senate Republicans are pulling together a narrow $500 billion Covid-19 relief package, aiming for a vote next week, in an effort to prod Democrats back to the negotiating table. Photographer: Graeme Jennings/Washington Examiner/Bloomberg via Getty Images

TikTok's US partnership with Oracle comes days before the Trump administration is expected to ban the popular short-form video app from the United States. But despite the two companies reaching a deal before Trump's Sept. 20 deadline, it's far from clear whether the agreement can successfully stave off the ban. Here's why.

(CNN Business)TikTok's US partnership with Oracle comes days before the Trump administration is expected to ban the popular short-form video app from the United States.

Trump's executive order on Aug. 6 seeks to ban business dealings with TikTok by any US citizen or organization after Sept.

Under a second executive order that Trump signed on Aug. 14, any sale or transfer of TikTok must be approved by CFIUS, the US government agency charged with reviewing the national security implications of foreign investment deals.

That order also requires TikTok to wait 10 days before closing a deal, starting from when it tells CFIUS of the business agreement.

But Trump's second executive order specifically calls for TikTok to be completely spun off from ByteDance, said Harry Broadman, partner at Berkeley Research Group and another former CFIUS official.

Confusing things further, Trump's Aug. 14 executive order gives TikTok much longer, until mid-November, to find a buyer and clear it with CFIUS.

That raises the possibility that even if TikTok cannot complete its deal with Oracle in time to meet the Sept.

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