JSFiddle - React, Tailwind, and code Playground

HTML

<div class="parent-div">
    <div class="icon-div">X</div>
    <div class="text-div">This is text I'd like to truncate when space doesn't permit</div>
</div>

CSS

.parent-div {
    width: 100%;
    border: 1px;
    padding: 4px;
}
.text-div {
    white-space: nowrap;
    overflow: hidden;
    text-overflow: ellipsis;
}
.icon-div {
    float: right;
}