Republican Senator Marco Rubio on Tuesday announced bipartisan legislation to ban China’s popular social media app TikTok, ratcheting up pressure on owner ByteDance Ltd amid U.S. fears the app could be used to spy on Americans and censor content. The legislation would block all transactions from any social media company in or under the influence of China and Russia, Rubio’s office said in a news release, adding that a companion bill in the U.S. House of Representatives was sponsored by Republican congressman Mike Gallagher and Democrat Raja Krishnamoorthi. “It is troubling that rather than encouraging the administration to conclude its...