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Can you prove that? The EU is fully free to decide on laws that hit exclusively US companies if they so want, with the hope of being able to generate revenue.

There is no law, constitution, court or parliament that explicitly forbids this.

Another indicator, that this is indeed a new business for the EU, is to look at the difference between southern europe and northern europe when it comes to the size of GDPR fines. It's enormous. Clearly the south has found a new way to revenue, since most, if not all of them, are more or less bankrupt.