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

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 ...it'll satisfy all of our requirements," Mnuchin told a CNBC investor conference.