According to NBC News, Oracle confirmed the new deal on Monday. It is not yet known which parts of the Chinese-owned company will be taken over by Oracle. Treasury Secretary Steven Mnuchin also confirmed with CNBC Monday morning that the White House had received TikTok's Oracle partnership proposal. In order to move forward, TikTok parent company ByteDance and Oracle will first need to get approval from the U.S. Committee on Foreign Investment in the Unites States (CFIUS). The deal must satisfy the committee's national security concerns. Trump has repeatedly said that the social media app poses risks amounting to a "national emergency." TikTok was given a deadline, which is up on Tuesday, to sell to an American company or be banned in the U.S. Last month, TikTok sued the U.S. government, saying it lacked evidence to prove that the app was a threat to national security and that the company was denied due process to adequately secure a U.S. deal.