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This ^^

And if the U.S. does ban TikTok then it sets a precedent that other countries can ban U.S. and Chinese social media apps in the same manner. Europe for example.

China _already_ bans U.S. social media.
For the same reasons US is doing now ;)
That precedent has always existed. The US banning TikTok changed nothing from a legal standpoint.
What stopped other countries from doing just that before?