and that action is perfectly fine.
But it is then hypocritic to claim one is more justified than the other
Not really. Everyone was extending courtesies to China, but China opted to unilaterally reject the notion thay others could receive the same benefits they were enjoying. Now you're seeing this sort of courtesies being pulled for the first time. And you opt to frame this as hipocricy?
I think the question is: did China ever took over a foreign company because "national security" or whatever perceived risk?
Even those 'local partnerships' in China were not above board - they existed to steal the intellectual property from the partnered Western company.
It seems the only thing that can be nailed down are 'consumer brands' which are difficult to duplicate.
[1] https://www.planetizen.com/node/47241
At least in the context of trade over the last 35 years, there has been an imbalance.
As for 'Arbitrary Rules' - it's a fair claim and the US, EU etc. need to establish clear and fair terms. So should China, India, Brazil, everywhere else.