UPDATED Sept. 19, 6:15 p.m. ET: President Trump has just approved a concept deal that would, in theory, have Oracle and Walmart partner with TikTok. CNBC reports that the deal would be useful because Oracle can help to resolve a geopolitical dispute between the U.S. and China.

"I have given the deal my blessing -- if they get it done that’s great, if they don’t that’s okay too,” Trump told reporters on the White House South Lawn on Saturday. “I approved the deal in concept.”

The company would likely be incorporated in Texas, according to Trump.

See original story from 09/18/20 below.

Following Trump's executive orders back in August, the Department of Commerce has now announced prohibitions on transactions related to TikTok and WeChat apps.

In a press release shared on Friday, U.S. Department of Commerce Secretary Wilbur Ross said that—as of Sept. 20—a variety of transactions involving WeChat are prohibited. Among the prohibited transactions mentioned in the press release are "any provision of internet hosting services" that enable the function or optimization of the app in the U.S., any content delivery network services that enable the same, and more. 

The same prohibited transactions rules will apply to TikTok starting Nov. 12, with Ross stating in Friday's press release that Trump has given the ByteDance-owned app a more extended timeline so that supposed "national security concerns" can be "resolved." If the Trump administration determines this to have taken place in the weeks ahead, prohibitions aimed at TikTok could be lifted.

Per CNBC's Steve Kovach, who added a bit more context on this latest development, TikTok users will not be able to upgrade the app starting Sept. 20, which is believed to mean that it will remain functional if it's already installed on a user's device. Starting Nov. 12, however, TikTok users will experience what Ross describes as a "real shutdown."

Of course, all of this could change quite drastically should a much-discussed TikTok deal be announced in the coming days.