FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin speaks during a House Small Business Committee hearing in Washington, D.C., U.S., July 17, 2020. Erin Scott/Pool via REUTERS/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Steve Mnuchin said on Wednesday that popular Chinese-owned video-sharing app TikTok was under a national security review and that his agency would make a recommendation to the president on the app this week.
The Committee on Foreign Investment in the United States (CFIUS), which reviews deals by foreign acquirers for potential national security risks and is led by Treasury, is looking at TikTok, Mnuchin told reporters at the White House.
The committee has the power to force companies to unwind deals or put in place measures to protect U.S. national security.
“TikTok is under CFIUS review. We will be making a recommendation to the president this week so we have lots of alternatives,” he said.
TikTok did not immediately respond to a request for comment.
Flanked by Mnuchin, Trump said before leaving the White House on a trip to Texas that “we are thinking about making a decision” about the company, owned by China’s Beijing Bytedance.
Reporting by Alexandra Alper; Writing by Doina Chiacu; Editing by Chris Reese and Bernadette Baum