I'll try not to be political here (there's a thread for that, and I'm deliberately not participating). That report in the OP's post is pure click-bait.
The most they can do is ask government employees to remove it from their government issued devices.
Some of the "Chinese social media apps" are used by financial institutions as part of regulatory surveillance covered by the various agencies (CFTC, FINRA, etc). The financial institutions don't have a choice in surveilling these app communications because they need to evidence all communication with clients that use these apps to contact their Financial Advisors about trades.
There is no legal precedent for this administration to target an application based on it's origin. They will need to find evidence of spyware that harms national interests, present it to both Apple and Google, and get a court order to execute a removal. Whenever you see "considers" in a headline, it is government bravado at best, propaganda at worst.
On a lighter note, Tik Tok is too much fun to be banned. The younger generation uses Tik Tok as much as they use SnapChat. They will march to Pennsylvania Avenue and record hundreds of dance videos in protest and make us all laugh this click bait away.