Correct. But all it needs is for one company that is (or has offices in) the EU to to set a precedent.
The US is also making rumblings and I had high hopes when I started reading the senate report [2]that began
"Nearly a century ago, Supreme Court Justice Louis Brandeis wrote: “We must make our
choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we
cannot have both.” Those words speak to us with great urgency today."
However the conclusions (page 375 for the impatient) left me underwhelmed although their comparison to the early heydays of the railroad empire made me chuckle.