Earlier quoted context omitted.
I remember this. This started a wave of lobbying and PR campaigns from industry groups that lasted until ~2013 or so stating that the EU was going to use its leverage its power to "issue fines to extract the wealth of American tech companies because there aren't enough European ones". Worded more eloquently (though I can't recall exactly how, I think they may have said something about the "EU Technology Tax" or somet…
Isn't that basically what is happening though? The EU still doesn't have (almost) any big tech companies, and they still regularly issue 9 or 10 figure fines to US tech companies.
Its not a conspiracy. US tech companies just keep blatantly disobeying EU law regarding personal data. A few years ago GDPR fines were so low many companies just paid them rather than comply with the law. It makes sense if the fines are much bigger now - large fines are (apparently) needed to bring companies to heel.
If you want to avoid the fines, try complying with the law.
I know people complain about the GDPR, but the requirements seems much less obnoxious to me than what adtech companies keep doing. I don't want facebook and friends to track me all over the web and sell that information to the highest bidder. I'm with the EU - these practices should be illegal.