well, this could either turn very interesting or... not.
Who knows. I don't think USA will surrender its sovereignty over its citizens that easily.
But things could escalade for sure if other EU countries would follow up.
It's not a random thing it started right from the country hosting the EU parliament...
more details below. It's like 30 lines of legalese trying to tie the non-reciprocity of the fatca to a small clause of the GDPR and forcing it to be retroactive somehow,
and then casually at the end 2 lines to say oh yeah also data protection would not be up to spec