Not an expert on GDPR but can't imagine privacy strict EU agreeing to this.
US shutting down visa waiver for EU would be dumb as the Consulates are already swamped and absolutely cannot handle that level of B1/B2 visa applications (the wait times are already 1 year+ around the world).
This would hurt US travel and tourism.
Europeans aren't going to riot if they lose visa waiver to US.
So American business suffers, EU looks strong standing up for privacy against the bully, and EU can still offer visa waiver to inbound Americans. Call their bluff.
US shutting down visa waiver for EU would be dumb as the Consulates are already swamped and absolutely cannot handle that level of B1/B2 visa applications (the wait times are already 1 year+ around the world).
This would hurt US travel and tourism.
Europeans aren't going to riot if they lose visa waiver to US.
So American business suffers, EU looks strong standing up for privacy against the bully, and EU can still offer visa waiver to inbound Americans. Call their bluff.