GDPR is unfortunately a paper tiger I have come to realize. The only thing that impresses Americans is a bit of good old violence. And the EU simply doesn't have the balls to drag executives off their private jets and drop them in a secret prison.
One possible consequence is reputational damage.
It's true that this extra-territorial scope is a bold move when it comes to international law. I see a trend in the latest EU regulations that would suggest they are not close to abandoning this idea.
Not really. Foreign opponents (especially American opponents) of the law make a big deal out of it, but extraterritorial application of laws, especially to acts occurring outside of but having effect within the territorial boundaries of the State whose law is concerned, is in no way novel.
We might end up in a situation where US authorities could accept to apply GDPR, but with fees limited to what US law allows, for example.