The US stood for free markets, democracy and human rights and (at least) pretended to make international decisions based on those values. Now the fig leaf is gone and it is clear that those are mostly used to make transactions to US benefit even if it comes at the cost to others.
If you value something like free markets, you stand by it even if it comes at a cost in the near future. If opaque TikTok recommendation engines are a problem, maybe regulate them in a way that solves the problem in general? That would hurt Youtube, Facebook and co. but it also would make the EU more comfortable in the negotiation for the Privacy Shield successor.