US concerned about EU's new GDPR privacy guidelines

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The US is rather concerned about the new European Union privacy guidelines will change how companies conduct business according to Commerce Secretary Wilbur Ross.

He added that the regulation should be put in place in a way to reduce barriers to trade and the recent changes that have come into effect will have a significant impact in the way European and American companies do business.

The new European privacy regulations were put into action which will push companies to be more attentive to how they deal with customer data.

The Trump administration supports the new General Data Protection Regulation (GDPR) goal of protecting personal data online while continuing to permit transatlantic data exchange.

Abiding by the new GDPR will incur a substantial cost, especially for small and medium-sized enterprises and customers who rely on digital services and could lose access and choice as a result of the GDPR guidelines. In addition, US companies have already invested billions of dollars to comply with the new rules.