Politically, stopping data transfers to the US is not viable, because it would impact the deal between the EU and the USA (US covers EU defence for access to the EU common market).

For this reason, I don't think we'll ever see a Chinese-style expulsion of US tech companies from the EU.

Therefore, we've seen over a decade of a dance between the judiciary banning data transfers to the US (Safe Harbor ruling, etc) and then politicians overturning these rulings before it actually impacts anything.