It's not even just data stored on US servers. According to the CLOUD Act, any data stored by a US company, regardless of location, can be demanded by any authority in the US. No sovereign nation should use US companies for data storage or processing. Period. The attempts to shift to open source or non-US services are inevitably hobbled by US companies lobbying (read: bribing) politicians.
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Are you talking about a potential situation where a Drugs-R-Us are using (for example) an American service, but directing them to store it on EU servers?
Or are you talking about Drugs-R-Us using a non-American service in general?