This specifically targets US I believe, it is desgined to add cost and barrier to US companies to operate in EU. I see this as an evidence that EU no longer trust US to reign its own market and will happily initiate their own internal replacements.
Trump, of course won't like it, but with his American First philosophy, he has no argument if others follow his lead to put their own interests first.
I work in a company in Norway. We are in the EØS (European Economic Area), but not the EU itself but we still have to implement this for our own Norwegian customers. We don't have any customers outside of Norway.
Still we are investing millions to be compliant so I fail to see how this is specifically targeting US companies.
Edit: It also seems that many think it is illegal to store personal information anymore but it's not, you just have to justify having it and only use it for the reasons you store it, provide data portability and the delete functions.
For some reasons you also need user consent like marketing or analytics.
Bollocks. The companies that will be hit first by this are European companies. And Foreign companies that make a point of ignoring the law, but obviously that is their own choice.
EU companies will have no choice but oblige, if foreign companies choose to not comply will be subject to other restrictions like not able to use Euro as currency. It is like China's situation, if you are not actively harmonising yourself with the regulation, in it will surely backfire at some point, which result you are out of business.
