Keep that in mind the next time you encounter a US based newspaper that puts up a GDPR error page instead of serving the news article you requested. The EU asserts it can penalize a US based company a percentage of its worldwide revenue (not EU derived revenue) for GDPR violations.
I'm not saying it's right, I am saying that these are the logical, practical responses to the way different jurisdictions expect their laws and regulations to be honored, respected, and applied.
"The EU asserts it can penalize a US based company" ...
Well, of course it can, if the company violates EU law inside the EU. Do you think US law trumps [sic] national law globally? If a US company doesn't want to comply with GDPR, it is free to cease trading in the EU, or cough-up the fines.
