They do not have significant power over companies NOT based in their country.
Yes, they do? If those companies want to maintain a presence in the US that is. All those US based companies have to comply with the GDPR or withdraw from counties within the EU. Considering how much their shareholders like money and how many users are in the EU the latter is not a real option here.
Does that matter if they don’t create said laws - since they’re equally interested in their citizens data as facebook, google, etc. are?
It does matter. Because the US can do it if they decide to. They have significant power over companies based in their country.
They do not have significant power over companies NOT based in their country.
Yes, they do? If those companies want to maintain a presence in the US that is. All those US based companies have to comply with the GDPR or withdraw from counties within the EU. Considering how much their shareholders like money and how many users are in the EU the latter is not a real option here.