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Microsoft admits it would have to let Trump spy on EU data if demanded
(www.techradar.com)
This is a most excellent place for technology news and articles.
There are provisions. I don't remember the exact name of it, but basically, the US says "yah, these business are legit ok, you see?" and the EU is like "oh, ok, deal". This includes the big providers and a handful of others, obviously.
And yes, it is a farce.