New US Executive Order on EU-US data transfers unlikely to satisfy EU law
noyb.eu
noyb.eu
I have not looked at the details of the proposed court here but the claim that it must not be part of the executive for it to be a judicial redress (Even as Europe defines it) is likely wrong. Whether it is judicial redress is about the kind of process you are afforded (including level of neutrality, etc), not about which part of your government pays the judges
Basically, I do t think the EU has much choice.
Right now there is no agreement and the world hasn't ended, so certainly no obligation to accept it.
I'm sure the executive, the Commission would love to accept it. I doubt the judiciary will though, because I don't think it'll be compatible with EU law.