Recall how Huawei got raked over the coals in the US congress, and now realize that every US networking hardware company is going to get the same treatment in pretty much every country in the world they try to sell to.
Not at all, now such laws going to be established across the world in order to "bring us in line with international law." Broad-sweeping and baseless surveillance is going to be called "nothing new" and "widely utilized for the benefit of law enforcement."
This is another effect of globalization -- if one government gets an advantage over another due to lax privacy laws then the rest have to follow suit.
The NSA's bottom line is this: If China has a Great Firewall and we can't have one, then we must have the capability to decrypt everything.