There seems to be a lot of misinformation around this, no surprise given the TikTok user base..

The law targets other companies that would be breaking the law if they continue providing services for a China-owned TikTok past the ban date. The statute of limitations is five years, past a Trump presidency. No, an executive order can not cancel a law. Google, Apple & co would be exposing themselves to a lot of uncertainty and risk, and for what?