The EU's top court rejected the United States and Europe's data-sharing agreement on Thursday, July 16. Time reported that the national regulators are trying to protect the privacy of user's data from the risks of the EU-US data transfer agreement may cause.
An EU court just killed a vital U.S. data-sharing agreement. Some say global trade is at risk https://t.co/jYCArXPh6Z pic.twitter.com/MlGBYCwO3d — Andy Vermaut (@AndyVermaut) July 16, 2020
Ross also said that they are still hoping that the negative consequences to the $7.1 trillion transatlantic economic relationships can be lessened because it is important to respective citizens, companies, and governments in the U.S. He also confirmed that the U.S. will still remain in close contact with the European Data Protection Board and European Commission regarding the matter.
It was explained that data flows are also essential to businesses of all sizes in every sector. The report claimed that it is important for companies to transfer data without interruption.
