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.

TikTok could soon disappear from phones across the United States if China does not approve a pending deal by mid-September.