In this photo illustration, the social media application logo, TikTok is displayed on the screen of an iPhone on an American flag background on August 3, 2020 in Arlington, Virginia. - President Donald Trump said Monday that Chinese-owned hugely popular video-sharing app TikTok will be "out of business" in the United States if not sold to a US firm by September 15, 2020."I set a date of around September 15, at which point it's going to be out of business in the United States," he told reporters. (Photo by Olivier DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
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Biden updates Trump-era policies on TikTok and WeChat
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In this photo illustration, the social media application logo, TikTok is displayed on the screen of an iPhone on an American flag background on August 3, 2020 in Arlington, Virginia. - President Donald Trump said Monday that Chinese-owned hugely popular video-sharing app TikTok will be "out of business" in the United States if not sold to a US firm by September 15, 2020."I set a date of around September 15, at which point it's going to be out of business in the United States," he told reporters. (Photo by Olivier DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
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CNN Business  — 

TikTok and the US government agreed on Wednesday to drop a lawsuit challenging the Trump administration’s attempt to ban the short-form video app from US app stores.

In a filing in the US District Court for the District of Columbia, the two sides said they had mutually agreed the suit should be dismissed.

BEIJING, CHINA - AUGUST 20: The reflection of a cyclist is seen in a billboard advertising Chinese video app TikTok at Wangfujing street on August 20, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)
BEIJING, CHINA - AUGUST 20: The reflection of a cyclist is seen in a billboard advertising Chinese video app TikTok at Wangfujing street on August 20, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)
VCG/Visual China Group/Getty Images

Related article TikTok has a new CEO

The move follows President Joe Biden’s decision to rescind then-President Donald Trump’s 2020 executive order targeting TikTok. Biden replaced that order with a more sweeping one that addresses apps linked to foreign adversaries including China.

As a result of Biden’s reversal of Trump’s order, Trump’s proposed app store ban became moot. TikTok is still negotiating with the US Committee on Foreign Investment in the United States on a plan to address security concerns surrounding the data of US users.