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We need a domestic version of GDPR with penalties just as severe. GDPR is a much-needed godsend for privacy.

We should protect our companies or at the very least not harm them.

Companies which abuse the public trust so severely and unethically should be forced to shape up or fined into the ground.

Right, because it's the poor poor companies who are being abused and targeted. Oh will you just think of the companies! Companies are people too! What would we do without our exalted job creators?

So when the EU does it, it's protectionism.

But we get to "protect our companies" as a matter of policy.

Cool.

We should protect our citizens, which is sometimes achieved by helping companies and sometimes achieved by harming them.

On what do you base that statement?

Just because many companies and startups are U.S.-based, does not mean that universal privacy laws/rights are targeting U.S. companies.

From my understanding, the GDPR applies equally to all companies, regardless of where they are founded.

That is your opinion. Just because you think so doesn't make it true.