It’s one way direction and it’s hypocrisy.
Treat the EU companies the way the EU treats American companies and treat Chinese companies the way China treats American companies.
China doesn't give American social media companies access to China, so we shouldn't give Chinese social media companies access to America.
The EU imposes all sorts of privacy requirements and data locality restrictions on American companies. Impose those same restrictions but only on companies from the EU.
It's a simple case of reciprocity. If China wants to ban American social media networks then America should obviously respond in kind.