TikTok will be shut down if Oracle deal meeting U.S. security needs can't be closed: Mnuchin

A shopping cart carrying a 3D printed Tik Tok logo is seen in front of displayed U.S. flag in this illustration taken September 18, 2020. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said if Oracle’s deal for TikTok cannot be closed with terms that meet U.S. security requirements, including holding code in the United States, the short video app will be shut down.

“All of the code will have to be in the United States. Oracle will be responsible for rebuilding the code, sanitizing the code, making sure it’s safe in their cloud, and’ll satisfy all of our requirements,” Mnuchin told a CNBC investor conference.

Reporting by David Lawder