Not necessarily, but it should "change the calculus of launching an existing product in Europe", factoring in privacy laws. Either don't launch, or make sure that your product complies.
That's not a EU problem. If the US puts laws in place that prevents their company from expending overseas, that's a problem that Americans need to fix.
Yeah. But even if you act in good faith there's still a chance you'll make mistakes and run afoul of the law. And now the cost of a mistake is not "we'll end up losing money in this new market" it's "our business might fail worldwide".
