US President Donald Trump on Tuesday extended a delay on enforcing a ban against TikTok until December 16, marking the fourth postponement of a law designed to force the app's sale from its Chinese owner.

The announcement, made through an executive order, came despite Trump telling reporters earlier on Tuesday that the United States and China had reached a deal over a new ownership structure for the US business of the hugely popular video-sharing app.

The extension follows previous delays issued in January, April and June.

The latest delay was set to expire on Wednesday, which would have enabled a US law signed in 2024 by then-president Joe Biden to force the closure of TikTok in the United States due to "national security concerns" over the firm's Chinese parent company ByteDance and its potential ties to the Chinese government.

But Trump, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.

The app has faced scrutiny from US officials who worry about data collection and content manipulation. TikTok has repeatedly denied sharing user data with Chinese authorities and has challenged various restrictions in federal court.

"We have a deal on TikTok; I've reached a deal with China. I'm going to speak to President Xi (Jinping) on Friday to confirm everything," Trump told reporters on Tuesday as he left the White House for a state visit to Britain.

"We have a group of very big companies that want to buy it," Trump said, adding that he would "hate to see value like that thrown out the window."

China also confirmed what both sides on Monday called the "framework" of a deal that would be finalised in the phone call between the two leaders.

Vice Minister of Commerce Li Chenggang had told a press conference that China opposes the politicisation and weaponisation of technology and trade matters and will not reach agreements at the expense of principles, corporate interests or international fairness and justice.

China will firmly safeguard national interests, the legitimate rights and interests of Chinese enterprises, and carry out technology export approval in accordance with relevant laws and regulations, he said.

TikTok boasts almost two billion global users.

According to the Wall Street Journal, under the new arrangement, TikTok's US business would be controlled by an investor consortium including cloud giant Oracle and venture capital firm Andreessen Horowitz, with the Chinese owners keeping less than 20 percent of the US business, in accordance with the law.

Both companies have very close ties to the Trump White House, and Oracle already plays a major role in TikTok's US infrastructure.

Parent company ByteDance's existing US investors, including Susquehanna International, KKR and General Atlantic, would be part of the group owning roughly 80 percent of the new company.

One of the major questions is the fate of TikTok's powerful algorithm that helped the app become one of the world's most popular sources of online entertainment.

The preliminary deal was negotiated over two days of talks in Madrid between US Treasury Secretary Scott Bessent and Vice Premier He Lifeng.

Under the executive order, the US Justice Department is prohibited from taking enforcement action not only during the extended period, but also retroactively for any conduct that occurred since the ban was originally set to come into force – on January 19, 2025 – the day before Trump's inauguration. (Agencies)