Washington DC - President Donald Trump praised his Chinese counterpart Xi Jinping for his role in the establishment of a new joint venture that allows TikTok to avoid a ban in the US.

"I am so happy to have helped in saving TikTok!" Trump said in a post on Truth Social. "It will now be owned by a group of Great American Patriots and Investors, the Biggest in the World."

"I only hope that long into the future I will be remembered by those who use and love TikTok," he continued.

"I would also like to thank President Xi, of China, for working with us and, ultimately, approving the Deal. He could have gone the other way, but didn't, and is appreciated for his decision."

Donald Trump Trump threatens Grammys host Trevor Noah over Epstein joke: "I'm going to have some fun with you!"

On Thursday, TikTok announced the establishment of a majority-US owned joint venture which will handle all of its American operations.

The deal, TikTok claims, enables "more than 200 million Americans and 7.5 million businesses to continue to discover, create, and thrive as part of TikTok's vibrant global community and experience."

The deal, announced in December, is the result of months of negotiations with Chinese authorities and TikTok's parent company, ByteDance.