[This is the third of three articles in a series on policy priorities for Transatlantic Relations. Read articles one and two here.]
In a few weeks, President Biden will meet with European Union leaders in Brussels. With global economic recovery a priority, and bilateral trade and digital cooperation on the agenda, one test of whether the renewed U.S.-EU partnership can deliver results is the conclusion of a new Privacy Shield. A new pact will inject much needed certainty into the transatlantic economy, which relies on the ability of all firms to transfer personal information from Europe to the United States. Without a new Privacy Shield, U.S. exports and American affiliates in the EU will continue to be targeted by privacy regulators and other proponents of forced data localization. U.S. businesses will consequently face diminished access to a market of 450 million consumers, threatening American competitiveness and millions of American jobs.