Sure you can. You follow the law or you are banned from doing business. This law just skipped the first part because the authors didn't want to write any actual regulations.
TikTok being owner by Bytedance means you don’t have who to prosecute for misdeeds, besides some fall guy.
It’s absurd to compare banning a Chinese-owned app to EU banning US apps.
Why wait until a homeless guy steals some bread to throw him in jail?
The foundation of the rule of law is that the law applies to everyone equally, not arbitrarily. That includes a presumption of no wrongdoing and due process.
It should be mentioned that TikTok already has its full US data and source code audited by Oracle, a level of scrutiny higher than any of the domestic tech companies. Combined with the FBI and NSA watching them like a hawk, if they were breaking the law, it would be old news by now.
It’s not about the data or the code. Data brokers exist everywhere, it’s about a platform with reach to the eyeballs of 170 million users controlled by an adversary state.
You can’t use “foundation of the rule of law” wrt an actor that blatantly disregards rule of law.