This is the RESTRICT Act, a.k.a #TikTokBan
https://www.congress.gov/bill/118th-congress/senate-bill/686/text?s=1&r=15

Bit of an overreaction if you ask me.

Forgot to mention, "transaction" is not an exchange of money, it's just this:

(17) TRANSACTION.—The term “transaction” means any acquisition, importation, transfer, installation, dealing in, or use of any information and communications technology product or service, including ongoing activities such as managed services, data transmission, software updates, repairs, or the provision of data hosting services, or a class of such transactions.
@stribika