The US Department of Commerce on Saturday delayed the ban on popular Chinese-video sharing app TikTok by one week.

The move came after US President Donald Trump, in a press conference, told reporters that he backs a deal with TikTok owner ByteDance, Oracle and Walmart to create a new company called 'TikTok Global' that will assume the US operations.

The US Department of Commerce referred to the proposal as a "positive development".

"Secretary of Commerce Wilbur Ross, at the direction of President [Donald] Trump, will delay the prohibition of identified transactions pursuant to Executive Order 13942, related to the TikTok mobile application that would have been effective on Sunday, September 20, 2020, until September 27, 2020 at 11:59 pm," it said in a statement.

Terming the deal as "fantastic, US President Donald Trump said "I have given the deal my blessing. If they get it done, that's great, if they don't that's ok too."

Earlier on Friday, US ordered a ban on TikTok and WeChat from September 20, citing threats to national security.