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How can the European Union fine US companies?
#3
They can only do so, for US corporations that operate or sells products in the EU.

They have no authority over a US corporation that does not operate or sell products in the EU.

IE: just like Nissan and Toyota have to obey US Federal regulations on cars they sell in the US.

As to what would happen if a US corporation that did business in the EU, said FU.

Then the EU could stop that corporation from selling product in the EU or place punutive tariffs on that companies products.

IE: making them lose the business they have in the EU.
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