The provider would have to be controlled by China or other designated foreign adversary, and they would indeed have to be doing something determined to be a serious threat to the US.
Here is the definition that the bill uses for "transaction":
> (17) TRANSACTION.—The term “transaction” means any acquisition, importation, transfer, installation, dealing in, or use of any information and communications technology product or service, including ongoing activities such as managed services, >>>data transmission<<<, software updates, repairs, or the provision of data hosting services, or a class of such transactions.
As you can see here, mere data transmission is considered to be a transaction. I strongly suggest that you read the bill, in its entirety.
If you're not going to be banning internet services, how can you possibly ban TikTok? It has a website, you know.