A deal had been in the works this spring that would spin off TikTok’s U.S. operations into a new U.S.-based firm, majority-owned and operated by

Lutnick is referring to the potential deal to sell the majority of TikTok to U.S. investors, which President Trump recently said was all but done, with the buyer being "secured" on the U.S. side. Trump did say at the time that China has to approve such a deal, and now it seems his administration is running out of patience.