Which will likely destroy the US-owned global cloud market.
That was already dead - it's been merely carefully hiding legal problems that have existed before cloud services were even invented. That's what was really behind the original Safe Harbo(u)r: creating a plausible cover story to prevent an EU-US trade war. People tasked with security who look beyond the purely technical context have known this for more than a decade.
That's why structuring global security and privacy management does not belong in the IT department. The IT side is actually the last step.