A Deal Between TikTok and U.S.-Based Oracle Will Need Beijing's Approval, the App's Owner ByteDance SaidByteDance wants to keep its share of the video app as part of the deal, but President Donald Trump told a press briefing Wednesday he was "not prepared to sign off" on it.

Beijing will need to approve a proposed partnership between video app TikTok and U.S. tech firm Oracle before it goes ahead, the app's Chinese owner ByteDance said Thursday.

The proposed deal, submitted to the Trump administrationon Monday, involves the American company becoming ByteDance's "trusted technology provider" and moving TikTok's global headquarters to the U.S.

ByteDance wants to keep hold of its share of the video-sharing app as part of a deal it submitted to the U.S. government on Monday, TheWall Street Journalreported on Tuesday. President Donald Trump had previously ordered ByteDance to sell the U.S. arm of TikTok, or face a ban of the app, setting a deadline of Sunday, September 20.

Related:Survey: Nearly Half of America Hates TikTok

Before the deal reaches Beijing, it's not yet clear that it will pass U.S. approval. After learning that ByteDance would retain majority-ownership of TikTok at a press briefing on Wednesday, Trump said: "Just conceptually, I can tell you I don't like that." He also said he was "not prepared to sign off" on the proposed deal because he hadn't yet been briefed on it.

The U.S. government hopes to give potential U.S. buyers of TikTok a majority share of the company,The Journalreported Wednesday.

In August, Chinaupdated its tech export rulesfor the first time in 12 years, ensuring Beijing had a say over the sale of technology to foreign companies. This could include parts of TikTok's operations, such as its algorithm.