New movement in the 'Tik Tok' soap opera. President Donald Trump has approved a deal allowing Silicon Valley giant Oracle to become TikTok's data partner to prevent the shutdown of the popular Chinese-owned video application that Washington has called a security risk.

The agreement, announced by the companies, also includes Walmart as a business partner and would create a new U.S. company called TikTok Global.

"I think it will be a fantastic deal," Trump said. "I've given the deal my blessing. If they make it, that's great, if they don't, that's fine too.

Shortly thereafter, TikTok , owned by China's ByteDance, confirmed the deal, which came with competing companies against a Sunday deadline set by Trump's management, after which further downloads of the application would be prohibited.

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