New York, New York - Donald Trump's former treasury secretary, Steve Mnuchin, announced on Thursday that he's putting together a team of investors to buy TikTok from its Chinese owners.

On Wednesday, the US House of Representatives overwhelmingly approved a bill that would force TikTok to divest from its parent company or face a nationwide ban.

Mnuchin said he strongly supported the legislation, which must now go to the Senate for approval.

President Joe Biden also backs the bill and has vowed to sign it if passed.

"I think the legislation should pass and I think (TikTok) should be sold," Mnuchin told CNBC's Squawk Box.

The investment banker, who served for four years under Trump, said that TikTok was "a great business" and was looking to "put together a group to buy" it.

"This should be owned by US businesses. There’s no way that the Chinese would ever let a US company own something like this in China," he claimed.

Earlier on Thursday a Chinese commerce ministry official said the US should "stop unjustly suppressing foreign companies" and take "all necessary measures to resolutely safeguard its legitimate rights and interests."

Another official in Beijing said the US was "following the logic of a bandit" with the law.

Trump also opposes a ban, saying it would only favor the Meta-owned Facebook, which he considers "an enemy of the people."