China never claimed that they value freedom, (whatever you define as freedom). They value harmony instead, (whatever you define as harmony).
By US banning TikTok, US is acting against claimed values, turning out to be hypocrite. China, by banning US social media, doesn't. Might be seen unfair, but it is a dead end that US painted itself into.
For the sake of argument, _if_ we agree that banning is OK, EU should ban social media from both, and subsidize their own the same way as US subsidized theirs.