After months of negotiations, a deal to turn over TikTok’s United States operations to a new company with a majority American ownership was finalized on Wednesday, according to senior administration officials.

The investors — which included Oracle, Blackstone, Andreeson Horowitz and several others — ByteDance and the Trump administration negotiated and agreed to the terms.

The plan was for President Donald Trump to sign an executive order to approve the deal this week, triggering a 120-day closing period to finalize the paperwork and financing.

ByteDance would have maintained a minority ownership in the new company, under the 20% threshold required by Congress.

All that remained was for the Chinese government to approve the deal — something all sides of the negotiations expected would happen.

However, on Wednesday afternoon, Trump announced his tariffs.

Thursday morning, representatives for ByteDance called the White House to say the Chinese government would not approve the deal until negotiations could be held on Trump’s tariffs.

The deal remains in limbo, hostage to the emerging trade war between the U.S. and China.

On Friday, Trump said he is extending the deadline for TikTok to be banned or sold off by its Chinese-owned parent company, ByteDance.

The previous April 5 deadline will be pushed 75 days, Trump said in a post to his social media platform. It’s the second time he has pushed the deadline since taking office.

The TikTok negotiations were led by Vice President JD Vance, sources told ABC News. The deal is currently not being renegotiated with investors and the White House both standing by.

The revival appears to depend on what happens with U.S. and China negotiations on trade.

Walmart is actively considering joining a group of investors to buy TikTok, according to sources close to the deal, who say Walmart’s interest was triggered by Amazon throwing their hat into the ring.

Back in 2020, Walmart said it was teaming up with Microsoft to make a bid for TikTok. The app would give the retail giant access to hundreds of millions of consumers who could become their customers and audiences for their advertisements, in a boost to their e-commerce business.

This comes as President Donald Trump is expected to sign an executive order on Friday to extend the April 5 deadline for TikTok to be banned or sold off by it’s Chinese-owned parent company, ByteDance.

The Trump administration is considering a deal to save TikTok that would have China maintaining control of the algorithm that will be leased to a U.S. company, with a minority ownership stake, a source close to the deal told ABC News.

It’s unclear if that proposal follows the bipartisan law that Congress passed, which forces TikTok’s Chinese parent company to sell the wildly popular social media platform or face a ban in the U.S.

Sources say there are several investors interested in jumping in to purchase TikTok, including Amazon, Oracle and Applovin. A source close to the deal also says that Tim Stokely, the founder of the adult website OnlyFans, has also made a late-stage bid for TikTok.

The White House and Walmart have not immediately responded to requests for comment.

Trump said on Thursday hinted that his recently announced tariffs on China could be a negotiating tactic to achieve a deal on a TikTok sale.

“If somebody said that we’re going to give you something that’s so phenomenal, as long as they’re giving us something, that’s good,” he told reporters aboard Air Force One.

“We have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariff?'” he said. “The tariffs give us great power to negotiate.”

Even if Trump approves a deal, China will still need to sign off on it. U.S.-China relations are tense, with the US about to hit China with a whopping 54% tariff. China is now retaliating with its own 34% tariffs on imports from the U.S.