Billions of Dollars Worth of Trade at Risk Because of Global NSA Allegations
Europeans not happy about reported snooping
BRUSSELS—The backlash in Europe over U.S. spying is threatening an agreement that generates tens of billions of dollars in trans-Atlantic business every year—and negotiations on another pact worth many times more.
A growing number of European officials are calling for the suspension of the "Safe Harbor" data-sharing agreement, which is vital to more than 4,200 American companies doing business in Europe, including Apple, Google, Facebook and Amazon.
Revelations of the extent of U.S. spying on its European allies is also threatening to undermine one of President Barack Obama's top trans-Atlantic goals: a sweeping free-trade agreement that would add an estimated $138 billion (100 billion euros) a year to each economy's gross domestic product.