Washington DC - President Donald Trump confirmed on Tuesday that the US and China had reached a deal over TikTok, but remained coy on the details.

"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 up," Trump told reporters as he left the White House for a state visit to Britain.

The deal was negotiated over two days of talks in Madrid between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.

TikTok – which boasts almost two billion global users – is owned by China-based ByteDance.

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A federal law banning TikTok on "national security" grounds unless the platform is sold was due to take effect the day before Trump's inauguration on January 20.

But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.

In mid-June, Trump extended a deadline for the app by another 90 days to find a non-Chinese buyer. That extension is due to expire on Wednesday.

"We have a group of very big companies that want to buy it," Trump told reporters.

He did not specify whether the White House would extend the deadline to allow time to finalize the deal with China.

Sources told CNBC that Trump that the agreement will include new investors as well as existing investors in the platform's Chinese parent company.

Cloud giant Oracle, which already plays a major role in TikTok's US infrastructure, will reportedly be a key part of the arrangement.