US administration warns about economic consequences of Schrems II ruling

According to Euractiv, US secretary of commerce Wilbur Ross stated that following the invalidation of the EU-US Privacy Shield, “If EU and US companies continue to face legal burdens and uncertainty while transferring data across the Atlantic, the US and Europe will face severe economic consequences.” This statement came as the EU is in consultation with the USA on the possibility of forging a new data sharing agreement.