The politicians cite competitiveness as the motivator for relaxing the GDPR. The real reason for the EU lagging behind the US in "big tech" is of course the lack of venture capital and the red tape in registering corporations. The GDPR does not prevent US big tech from operating in the EU. As it stands, this is just another attack on EU citizens' rights. It is also the least of the EU's current problems. De-industria…
Of course it doesn't, that'd be stupid. But it does require them to be compliant, otherwise they'll face fines and eventually they'll chose to either be compliant, or exit the market.
As a EU citizen with rights, I love this, exactly what I want from my inter-continent union of countries.