It ceases to be reciprocal if you distinguish groups at an only slightly higher resolution: Chinese businesses like TikTok and WeChat and American businesses like Google and Facebook in addition to the Chinese and American governments. The Chinese government demanded that all businesses censor content, but Google and Facebook had most of their users outside China, so they could choose not to comply and still survive. Whereas TikTok and WeChat didn't have that luxury and censor their Chinese users (TikTok by offering Douyin as a separate product and making TikTok unavailable in China, WeChat by censoring messages in conversations with at least one Chinese participant). So far, both Chinese and American businesses were bullied by the Chinese government. Now the US government decided to "reciprocate" and ... decides to bully businesses as well, but only Chinese ones. Great justice.
If TikTok or WeChat have done anything wrong they deserve to be punished for, then sue them, or, if it's not illegal, make a new law that requires them to stop doing whatever it is. That law should then also apply to Google and Facebook, just in case they might be tempted to try the same thing.
But having the president order arbitrary punishment without proof of guilt (what happened to presumption of innocence?) looks like a dictatorship to me. Maybe I'm just biased by living in a parliamentary democracy where the voting system aims for proportional representation.