I see this differently.

For European citizens and companies the safest option will always be to have their data in the USA or anywhere where European rulers cannot touch it.

The same for Americans, their data should be safest far away from their government.

The Europeans have already cooperated with Americans so that each could read each other's citizens' private messaging which would be illegal for the locals.

Keeping the data overseas by design would just make this easier.

https://en.wikipedia.org/wiki/Operation_Trojan_Shield

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