> It would hurt the EU more than it would hurt us

So what? It will hurt everyone, but end result will be that US companies won't be able to sell in other parts of the world, because everyone will have own standards, own solutions, new regulations will come up about data residency, which will require using unknown AWS alternative in a small country and even if you are willing to maintain 150 Datacenter across different countries, companies will be afraid of using US tech, to one day lose access to their data