EU considers blocking US tech from financial data sharing through FiDA regulationBanks back restrictions while tech groups warn of reduced consumer choice in EuropeTrump threatens tariffs if American companies are excluded from EU digital financeThe European Union is preparing new rules on financial data sharing that could prevent US tech giants from accessing consumer information. The Financial Times reports the draft Financial Data Access (FiDA) regulation has reached its final negotiation stage and, according to its sources, Amazon, Apple, Google, and Meta are likely to be excluded. American tech firms excludedSupporters of FiDA say the regulation will encourage innovation and give individuals greater control over their own records. Germany has been especially vocal in wanting a ban on US tech giant involvement. “FiDA’s original vision was to give people control over their own data and access to better, more innovative financial services,” Daniel Friedlaender, head of Computer & Communications Industry Association Europe told the Financial Times.