▪Transatlantic data flows allow firms from all sectors to benefit from data-driveninnovation, strengthen trade, and increase consumer access to a growing range of digitaland digitally enabled goods and services.

▪Privacy Shield was a critical bridge between two different data protection regimes forthousands of mainly small and medium-sized firms. Given the cost and complexity ofalternatives, they will be disproportionately impacted by its demise.

▪The political challenge ahead is reconciling different government surveillance systems,both between the EU and United States and among EU member states. This problem isnot one the private sector can solve on its own.

▪The role and importance of transatlantic data flows and data protection will only grow.Policymakers need to recognize this and ensure it is supported through furthercooperation and new data-transfer mechanisms.

▪Europe and the United States share more in common than they often admit, especiallycompared to authoritarian powers such as China. Severing digital trade ties would hurtboth sides by fragmenting of the global digital economy.