U.s. And Eu Firms Warn Of 'enormous' Consequences If Data Pact Talks Fail

[Ron Burgundy]

By Julia Fioretti and Dustin Volz BRUSSELS/WASHINGTON (Reuters) - The two largest American and European trade groups have warned of "enormous" consequences for thousands of businesses and millions of users if Brussels and Washington fail to wrap up talks on a data transfer pact by the end of the month. The United States and Washington accelerated negotiations on a new framework enabling firms to easily transfer personal data across the Atlantic after the previous one was struck down by a top EU court last year on concerns about U.S. snooping. Under European Union data protection law, companies cannot transfer EU citizens' personal data to countries outside the bloc deemed to have insufficient privacy safeguards, of which the United States is one.

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