Video app TikTok cannot continue in present form, says US Treasury chief

US Treasury Secretary Steven Mnuchin said the Treasury has the tools it needs to remedy the situation

US Treasury Secretary Steven Mnuchin said on Monday that Chinese-owned short video app TikTok cannot continue in its present form collecting data on Americans on a large scale and the Treasury has the tools it needs to remedy the situation.

Mnuchin, speaking to CNBC television, said President Donald Trump "has made perfectly clear, it's not going to continue with this in this form." Mnuchin declined to comment on Microsoft's negotiations to purchase TikTok.