Earlier this month, Secretary of State Mike Pompeo said the U.S. was "certainly looking at" banning Chinese social media apps, including TikTok, but offered no further details.

The app, which is not available in China, has sought to distance itself from its Chinese roots to appeal to a global audience and has emphasized its independence from China.

Trump's remarks come hours after a Chinese official said the National People's Congress is exercising its "constitutional power” to set up a new legal framework and enforcement mechanism to ensure national security in Hong Kong.

Under the new rules, foreign semiconductor makers must obtain a license from U.S. officials in order to ship to Huawei-designed semiconductors to the Chinese company that were produced using U.S. technology.

The analysis attributed the investment slowdown to Chinese restrictions on outbound capital, more regulatory oversight in the United States, slower Chinese economic growth, and rising tensions between the two nations.

The United States and China have been engaged in a series of retaliatory actions involving journalists in recent months.

Trump's Republican reelection campaign released an ad Thursday that accused former Vice-President Joe Biden of being too cozy with China. It featured an image of Biden and Gary Locke on a stage with U.S. and Chinese flags in the background.

The bill “disregards the facts and mixes up black and white,” said the Foreign Affairs Commission of China’s legislature.

China has already warned Canada not to follow the lead of the U.S., saying it would be "very dangerous."

Investors were already taking up defensive positions following a dismal manufacturing report on Tuesday that sent the market to its sharpest loss in five weeks.