They have done this with several oil services companies, Huawei and now Tiktok. The excuses are especially lame with TikTok, because they are ok with the information the company is collecting, they are just not ok with who is collecting it.
Its always been the strategy to stop its companies progress. It hasn't been the first time the yare doing this. Huawei is just an example and there had been companies from Japan as well.
But its always been presentd to the public that American market is a free market but its defintiely not the case with few Chinese products already.
If people believe in democracy and change by the people, they should vote for parties with true free market ideals (such as the libertarian party).
I don’t understand why people are so angry with Trump’s move to ban an app that’s been stealing their privacy, and further as far as I know China has blocked google, Facebook and other Americans sites, but no one seems to be complaining about China’s moves to block American sites?. Lastly no one in their right mind will vote for Libertarian party, because even people are aware that they cannot fulfil any promises that they make before the elections.
Sources:
https://ksltv.com/437951/ksl-investigates-privacy-security-concerns-with-popular-social-media-app/
https://www.buckeyefirearms.org/why-libertarians-dont-win-elections
https://www.nytimes.com/2020/08/07/opinion/tiktok-wechat-china-trump-executive-order.html