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No, because in the US congress needs to act to repeal a law. He would not be able to "undo" it by himself.

Doesn’t the text of this law leave it to the president’s discretion?

For example the list of “foreign adversaries” is under the sitting president’s discretion.

President’s discretion is in addition to the specifically listed companies, which is TikTok. Don’t think it can be removed, only added to.

I would guess without being a lawyer that the specific mention of ByteDance/TikTok is what is easiest to challenge in court.