It's the other way around. The EU has granted US companies a temporary permission to handle EU customers' data. https://en.m.wikipedia.org/wiki/EU%E2%80%93US_Data_Privacy_F...

I say temporary because it keeps being shot down in court for lax privacy protections and the EU keeps refloating it under a different name for economic reasons. Before this name it was called safe harbor and after that it was privacy shield.