He told reporters that he could sign an executive order as early as Saturday.
US security officials have expressed concern that the app, owned by the Chinese firm ByteDance, could be used to collect personal data from Americans.
TikTok has denied the allegations that it is controlled or shares data with the Chinese government.
The fast-growing app has up to 80 million monthly active users in the United States, and the ban would be a major blow to ByteDance.
"As far as TikTok is concerned, we are banning them in the United States," Trump told reporters aboard Air Force One.
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