Is US clamping corporate rights ?
Basically the article states that governments interpretation is that a company doing business in the United States, should make available their records upon receiving a valid order to do so.
Data in the cloud exists regardless of location, to hide it on a different server is like hiding money in an off-shore bank. One can argue this point since the money no longer has to physically exist to be moved. Likewise the data's physical location is less important than the companies operation location and the US ability to subpoena.
Simple terms, if you do business in the US (physical US operations) and you get a subpoena, you cannot hide your data on a server in another country. Don't like it, don't have any US operations. Become a foreign entity with a separate US distributor.