The US has permanently lost China's technologists and entrepreneurs at this point. I'm seeing people in the tech industry advocating for Facebook to get secondary sanctions from China - as in, companies which operate in China are not allowed to do business with Facebook. Presumably, this would mean Apple and Google (via Android)...
I don't think it will be effective to do this secondary sanctions. If Chinese company want to sell aboard then Facebook isn't something easy to circumvent. And they can always go to Singapore to do business with it, or find agency there. It is will be hard for government to monitor such activities.
The point of this reply is not to pass judgement on this action. The point is that plenty of business is done between China and America despite the ban. Plenty of business will continue after TikTok.
