In theory - yes, but in practice TikTok gets a lot of bashing while its American equivalents manage to get away with basically the same behavior. Meta and Google aside, Uber created Greyball to avoid regulations, they even had (still have?) a special "Ripley" button to use when facing audit, so how can we expect a foreign regime to abide by our laws if we give our own companies a free pass? And when local governments try to limit Uber's unlawful[0] actions, we threaten them with freezing our investments in other sectors? [1]
[0] https://us.boell.org/en/2019/10/17/web-partner-companies-kee...
[1] https://tvpworld.com/40781592/another-letter-from-us-ambassa...