In which case, they route it all through some subsidiary in the Cayman Islands and it magically disappears.

No, this is a deterrent against anti-consumer behaviour, and it should be meaningful.

Why?

The US likes to flex it's muscle by pushing other governments around on behalf of its commercial interests.

I think it's well past time for Canada to either formally pursue toes with the EU or pursue alignment with EU consumer protection legislation.

Middle powers unite!

No, that would make it even less likely that they obey the law.