"The deal requires more work to ensure all necessary approvals are signed," Trump said, explaining why he was extending the deadline he set in January that was supposed to expire Saturday.
"We hope to continue working in good faith with China, who I understand is not very happy about our reciprocal tariffs."
China faces a 54 per cent tariff on goods imported into the United States.
Trump has said he would be willing to reduce tariffs on China to get a deal done with ByteDance.
Trump has said his administration was in touch with four different groups about a prospective TikTok deal.
He has not identified them.
"We do not want TikTok to 'go dark'," Trump added.
The White House-led talks on the future of TikTok, which is reportedly used by about half the US population, are coalescing around a plan for the biggest non-Chinese investors in parent company ByteDance to increase their stakes and acquire the app's US operations, Reuters has reported.
The plan entails spinning off a US entity for TikTok and diluting Chinese ownership in the new business to below the 20 per cent threshold required by US law, rescuing the app from a looming United States ban, sources have told Reuters.
Jeff Yass' Susquehanna International Group and Bill Ford's General Atlantic, both of which are represented on ByteDance's board, are leading discussions with the White House, Reuters has reported.
Walmart is also considering joining a group of investors in a deal for TikTok, a reporter for the US broadcaster ABC said on social media.
The big retailer, which had expressed an interest in investing in TikTok in 2020, did not immediately respond to a Reuters request for comment.
The biggest stumbling block to any deal for TikTok's US business is Chinese government approval.
Until now, China has not made a public commitment to allow a sale.
