The announcement, made through an executive order, came despite Trump telling reporters earlier 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 as the administration navigates the complex legal and national security implications surrounding TikTok's operations in the United States.
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 because of its Chinese ownership.
The legislation was designed to address national security concerns over TikTok'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 finalized in the phone call between the two leaders.
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 Chinese 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.
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