The statement came a day after China-based ByteDance filed a petition with the U.S. Court of Appeals in Washington challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok unless it can reach agreement with U.S. regulators or win an extension.
“The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance’s acquisition of Musical.ly,” Treasury spokeswoman Monica Crowley said. “We have been clear with ByteDance regarding the steps necessary to achieve that resolution.”
The divestiture order was based on a government review of ByteDance’s acquisition of Musical.ly in 2017. The Trump administration contends the merged entity poses national security concerns as the personal data of U.S. users could be obtained by China’s government. TikTok, which has over 100 million U.S. users, denies the allegations.
ByteDance’s petition named President Donald Trump, Attorney General William Barr, Treasury Secretary Steven Mnuchin and the Committee on Foreign Investment in the United States (CFIUS), the inter-agency panel that reviews certain transactions involving foreign investment on national security concerns.Reuters news