Honestly, I felt the same about your argument. What you're suggesting is that American companies should not abide the the same laws as European companies when doing business in Europe. Which is an awfully biased position to take.
Have you actually stopped to look at why some US companies have been hit? The anti-trust cases, for example, highlighted some highly unethical behaviour. Also have you actually spent any time researching into whether European companies come under the same scrutiny or are you just assuming it doesn't happen because you only read about American business over in America? Spoiler alert, the EU does come down on European businesses equally hard.
I get that the American philosophy to business is often about deregulation. But that's not how Europe works and if American companies want to do business in the EU then it's only fair that they have to follow the same rules as European business do.
Like I said before, if you want to sell imported goods in America then those goods still have to meet American safety standards. We all agree that is acceptable. And equally I'm sure you agree that European companies who do business in America should abide by American law. So why should it be any different with EU regulations?
[edit] I'm not going to defend the copyright reform though. That proposal is just dumb. But in terms of your point, I can see it hurting EU businesses as well as American ones.