Where are the dozens of European tech winners? Seriously. They have the best education system in the world, strong social safety nets, cheap healthcare, and great lifestyles. Why have they not created innovative technologies that turn into worldbeating companies?
Maybe that is because there are US companies competing in the same space that are not held to the same regulations because of treaties like this one. It's hard to build a competitor to AWS, not just technically (although it very much is), but also business-wise - who would choose the unproven startup if you can go with the accepted best practise? By forcing US companies to equal footing, you give European startups more of chance. (Which is a Chinese playbook, too.)