Trump promises he could sign an executive order as early as this Saturday.
US security officials have expressed concern that the Chinese owned app could be used to collect the personal data of Americans. TikTok has denied accusations that it is controlled by or shares data with the Chinese government.
The fast-growing app has up to 80 million active monthly users in America and the ban would be a major blow for ByteDance.
“As far as TikTok is concerned, we’re banning them from the United States,” Mr Trump told reporters aboard Air Force One.
A TikTok spokesperson declined to comment on Mr Trump’s mooted ban, but told US media outlets the company was “confident in the long-term success of TikTok” in the US.
The move to ban TikTok comes at a time of heightened tensions between the Trump administration and the Chinese government over a number of issues, including trade disputes and Beijing’s handling of the coronavirus outbreak.