Treasury Sec. Steven Mnuchin: TikTok is under review by the federal government

CNBC's Eamon Javers reports on the latest comments from President Trump and Treasury Secretary Steven Mnuchin on the state of negotiations for more coronavirus stimulus as well as recent headlines about TikTok's parent-company ByteDance. Subscribe to CNBC PRO for access to investor and analyst insights on TikTok and more: https://cnb.cx/3dIH56N

Treasury Secretary Steven Mnuchin confirmed Wednesday that social media app TikTok is being reviewed by department’s Committee on Foreign Investment in the U.S.

In comments on the South Lawn of the White House alongside President Donald Trump, Mnuchin told reporters his department would be “making a recommendation to the president.” CFIUS has authority to review foreign investments, and in this case appears to be looking at a prior acquisition by TikTok’s parent company, ByteDance. The company acquired TikTok precursor Musical.ly in 2017 and CNBC previously reported that CFIUS was looking into potential national security risks involved in that deal.

“We are looking at TikTok,” Trump said Wednesday. “We are thinking about making a decision.”

Earlier this month, Secretary of State Mike Pompeo said the U.S. was looking at banning TikTok as well as other Chinese social media apps, citing national security concerns.

Pompeo added that the Trump administration was evaluating TikTok akin to Chinese state-backed tech companies Huawei and ZTE, which he has previously described as “Trojan horses for Chinese intelligence.”

U.S. officials have long complained that Chinese intellectual property theft has cost the economy billions of dollars in revenue and thousands of jobs and threatens national security. Beijing maintains it does not engage in intellectual property theft.

The comments Wednesday by Trump and Mnuchin came just ahead of a midday hearing where the CEOs of tech giants Amazon, Apple, Facebook and Google are scheduled to testify before the House Judiciary subcommittee on antitrust. Trump said he would “be watching the hearings today very closely. Because there is no question that what the Big Tech companies are doing is very bad.”

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