We all know that China has been banning giant apps like Facebook even before. So if China does it, the US can also do what they want especially if they are seeing that TikTok is a threat to their people. But if they keep on doing such an act, it won't stop and might cause a bigger issue between the two.
As I searched for information about this issue, they still have time to find someone who will buy TikTok before they will officially ban it in the US. What I think is that a giant company will still end up buying it, since we are also aware that the app is so popular right now so they can't just let it be down.