I think it will change things; I'm an American. Having your customers trust is important for business---now data stored offshore has just become a feature.
But I think what will really happen is that the administration, and the bureaucrats, and the security "services" in general will double down, be much more secretive about what they do, be much better at what they do (grants coming soon to a computer science department near you), be much more aggressive to prosecute and intimidate whistle blowers, and put more layers on the stonewall of denial.
The government has become self aware.