Beijing, September 23: China has no reason to approve the 'Dirty and unfair' deal based on 'bullying and extortion' that Oracle Corp and Walmart Inc said they struck with ByteDance, according to the report on China Daily Newspaper.

A  Reuters report quoted the editorial piece which said, "What the United States has done to TikTok is almost the same as a gangster forcing an unreasonable and unfair business deal on a legitimate company." TikTok Files Lawsuit Against Donald Trump Administration Against US Ban on Chinese Video-Sharing App.

"Bytedance ... stands to lose not only control of the company but also its core technology that it has created and owns," the report said. "China has no reason to give the green light to such a deal."

On Tuesday, speaking in an interview on Fox News on Monday, Trump said he wouldn’t approve the deal if the Chinese company retains control of TikTok. He further indicated that he expected Chinese influence to be diluted by a future public offering of the new company.

Oracle and Walmart, however, have said majority ownership of TikTok Global would be in American hands, complying with an Aug. 14 executive order by U.S. President Donald Trump that ByteDance relinquishes ownership of TikTok within 90 days.

(The above story first appeared on LatestLY on Sep 23, 2020 08:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website