Microsoft has an interesting stance here. As EU entities are major customers for both Windows and Azure, they're working quite hard to make sure to assure these parties that the US Government doesn't have undue influence over them. They're adding secure links and solutions they cannot eavesdrop on to Azure, and getting pretty aggressive with pushing back against US surveillance. The US benefits from EU privacy laws e…
I agree with your analysis but what happens when China or a country like NK is the new economic powerhouse to please over EU ? Will US companies lobby the US the other way then ? It's the Stallman argument again: don't defend privacy (free software) because it's convenient (hey, it's free and high tech enough), defend privacy because it's a principle that aligns with your ethics, not your economic interests.
"Doing the right thing" is not what Microsoft cares about on a macro level. It just so happens that in this instance its actions align with the interests of most people.