I think this is going to be tossed out in court. The President does not have the power to unilaterally decide trade policy, and it's really hard to argue that a consumer software product has national security implications (even if I think it does, I don't think our courts have technically literate judges who would agree).
If you want to provide consumer privacy protections that would prevent the alleged (and very likely) malfeasance of nominally-private businesses from China, write some fucking policy instead of signing an EO with no weight.
Another day, more disillusionment from our federal government's ability to govern. Regardless of how much I want something like this to be in place, I want Congress to write a law that enshrines consumer privacy protection and recognizes that any business doing what they purport Chinese businesses to be doing is a national security threat ; be it from businesses foreign or domestic.