(Bloomberg) -- President Donald Trump said he would rescind his tentative blessing for a deal between Oracle Corp. and ByteDance to create a new U.S.-based TikTok service if the Chinese company retains control of the operation.

But he indicated that he expected Chinese influence to be diluted by a future public offering of the new company.

“They will have nothing to do with it, and if they do, we just won’t make the deal,” Trump said in an interview on Fox News on Monday, referring to ByteDance. “It’s going to be controlled, totally controlled by Oracle, and I guess they’re going public and they’re buying out the rest of it, they’re buying out a lot, and if we find that they don’t have total control then we’re not going to approve the deal.”

Trump forced the transaction in August with executive orders declaring the popular video-sharing app a national security threat. He said Friday that he had approved of the deal with Oracle and WalMart Inc. “in concept.”

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