Trump told reporters that evening that he preferred a flat ban on the app and wouldn't support a sale.
While the method of banning is now unknown, it is likely to be made either under an executive order or a barring of the app as part of the International Economic Powers Act.
In January, the Pentagon banned U.S. soldiers and their families from using TikTok.
TikTok declined to discuss the possible Microsoft deal, but a spokesperson said in a statement on Sunday: "While we do not comment on rumours or speculation, we are confident in the long-term success of TikTok".
In a video Saturday morning, TikTok's U.S. General Manager Vanessa Pappas said the company is "not planning on going anywhere". The company is enormously popular in the United States with more than 80 million daily active users. "This is a national security threat".
President Trump reportedly has a "deal on his desk" that would allow total American oversight of the video sharing app TikTok.
Some critics of a potential US ban say President Trump's decision is political after a number of TikTok users devised a plan to buy tickets to the president's June 20 Tulsa, Oklahoma, rally without any intention of actually attending.
Although Trump's stance forced Microsoft and ByteDance to pause the TikTok acquisition deal, reports indicate that talks are not completely dead, while the president "has a deal on his desk", according to Axios sources.
TikTok has also spread money around Hollywood and other hotspots of young talent, promising to spend $1 billion in the next three years to retain video stars, who have grown famous using the app.
"Hundreds of millions of people come to TikTok for entertainment and connection, including our community of creators and artists who are building livelihoods from the platform". On Friday, there was speculation that the US based software giant was going to purchase TikTok. The proposal valued TikTok at about $50 billion, but some ByteDance executives believe the app is worth more than that.
Cooper on Friday, uploaded a video mouthing comments made by the president earlier in the day about TikTok.
As relations between the United States and China deteriorate over trade, Hong Kong's autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world's two largest economies.