Earlier in the day, treasury secretary Steve Mnuchin said that the United States government was carrying out a national security review on TikTok and that his department would advise Trump what, if any, action he should take against it later this week.
Participants will include Facebook's Mark Zuckerberg, Apple's Tim Cook, Amazon's Jeff Bezos and Google's Sundar Pichai.
However, TikTok has denied the allegations.
'We're looking at TikTok, we're thinking about making a decision, ' he told reporters in the South Lawn before departing the White House for a day trip to Texas. Vanessa Pappas, general manager of TikTok US said that the new US fund aimed at helping and supporting ambitious creators who are seeking opportunities to foster a livelihood through their innovative content.
TikTok, which is owned by the Beijing-based internet company ByteDance, has faced increasing scrutiny in the USA from lawmakers as well as intelligence and military officials who worry that has the potential to be influenced by the Chinese government. It is not clear what such a deal would be worth and what ties TikTok in the United States would maintain with its global operations.
In his blog post, Mayer criticized Reels as a "copycat product", and encouraged companies working on TikTok competitors to "bring it on".
Garmin Is Hit by an Extensive Online Outage
Since Thursday Garmin Connect has been down, with the mobile app and website for the health and fitness programme taken offline. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.
Media captionWATCH: Will TikTok be banned?
TikTok is growing rapidly as it rakes in more cash from advertising, and its management team expects to achieve $6 billion in revenue in 2021, one of the sources said.
"Their other copycat Lasso failed quickly", he says.
TikTok mentioned in its official release that the fund will cater to those "who dream of using their voices and creativity to spark inspirational careers".
Mr Meyer also defended the cultural impact of TikTok, and warned that without his firm, American advertisers would be left with fewer options. Facebook CEO Mark Zuckerberg, for example, wrote in his prepared remarks that penalizing USA tech firms could instead embolden Chinese competitors that are "exporting their vision to other countries". Without it, he wrote, "competition would dry up and so too will an outlet for America's creative energy". TikTok has begun to lift the curtain around its internal processes with a new transparency center; the facility is based in Los Angeles and will allow outside experts to observe the company's content-moderation processes in real time. It was recently banned in India amid heightened tensions between that country and China.