In parallel, there is a quite different point of view and after the last two dramas (Safe Harbor, Privacy Shield), the outcome is quite predictable in my opinion.
i recently spent year+ on managing gdpr compliance implementation in company where I work (multinational *aaS). Our current stance that we will continue as usual, where usual been that there is no new agreement. Because breaking down all gdpr compliance is easy but to restore it to compliant state is hard.
https://news.ycombinator.com/item?id=36677578
Edit: of course for the next 1-3 years, compliance departments in the EU can declare themselves not guilty and business will continue as usual.