There's more to an economy than material resources. Look at Africa for an example.
Actually, I think the EU might fare better than the USA in such a scenario, by virtue of not treating (any more) every ally it has as subservient.
Will an EU company be allowed to manage US data?
In compliance of US laws and regulations, of course. For example, by following US data privacy laws... oh, right, there's no such thing, my bad.
People are always available for work in the past tense.