Europe wants to improve its economy by growing their consumer tech industry. Some of these products like Google Analytics (the example he is upset about) are really hard to replicate (writing to a database on every visit to your website is an expensive thing to do, significantly more expensive than hosting the website!). So they've been slowly increasing the tariffs (disguised as privacy regulations) on US tech firms. It's gone poorly, even EU governments (let alone EU businesses) still use products like Google Analytics, and US tech firms have been able to engineer their way around the regulations, again doing a better job than EU governments who have been busted countless times for breaking GDPR with their own systems.
No one cares about any "data sharing agreement" or a "Privacy and Civil Liberties Oversight Board" no one has ever heard of that has never done anything. Its a tariff with various ways to pick winners and losers.
The only thing thats changed is there is a higher chance these privacy regulations will be recognized as tariffs by the US.