Writing on Truth Social, Trump said: "My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress. The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days."

"We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs (Necessary for Fair and Balanced Trade between China and the U.S.A.!)," he said.

"This proves that Tariffs are the most powerful Economic tool, and very important to our National Security! We do not want TikTok to “go dark.” We look forward to working with TikTok and China to close the Deal. Thank you for your attention to this matter!" he said.

The popular video-sharing app has nearly 170 million American users.

The video app is currently facing a threat from the US law passed last year that orders TikTok to split from its Chinese owner ByteDance or get shut down in the United States.

The new deadline is June 19.

Before the announcement was made, ByteDance, the Chinese company which owns TikTok, faced an April 5 deadline to carry out a “qualified divestiture” of TikTok’s U.S. business.

ByteDance Reaction

ByteDance has been in discussion with the U.S. government, the company told CNBC, adding that any agreement will be subject to approval under Chinese law.

“An agreement has not been executed,” a spokesperson for ByteDance said in a statement. “There are key matters to be resolved.”