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flag The EU plans to block major U.S. tech firms from its new financial data system, Fida, over data and competition concerns.

flag The European Union is set to exclude major U.S. tech firms like Meta, Apple, Google, and Amazon from its new financial data sharing system, Fida, citing concerns over consumer data protection and fair competition. flag Backed by Germany and EU institutions, the move aims to prevent Big Tech from accessing sensitive financial data held by banks and insurers, which could otherwise be used to bypass traditional financial services. flag While tech companies argue the restriction hampers innovation and consumer choice, EU officials maintain it strengthens digital sovereignty and market balance. flag Final decisions are expected this autumn, potentially straining U.S.-EU relations amid ongoing trade tensions and threats of tariffs.

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