WASHINGTON—President Trump said he has agreed in concept to a deal under which Chinese-owned video-sharing app TikTok will partner with Oracle Corp. and Walmart Inc. to become a U.S.-based company, capping negotiations that have stirred debate over national security and the future of the internet.

“I have given the deal my blessing, if they get it done that’s OK too, if they don’t that’s fine too,” Mr. Trump told reporters at the White House on Saturday.

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