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 As much as I hate it banning Tiktok would allow for banning any other company for NationalSecurity™ and you know how that goes. Cough cough @Snowden cough cough 
 They can only ban foreign owned companies. And currently only from a small list of adversarial countries. Notably, China, Russia, Iran, N Korea. 

They would have to make another law to add more countries. 

Apps that they can ban with this law besides tictok would be like , WeChat (which I actually use) , Temu, DiDi, maybe Yandex apps.