(Bloomberg) -- U.S. Internet companies may lose billions of dollars and spy agencies may be stifled in thwarting terror plots after Europe’s highest court struck down a trans-Atlantic data-use agreement.

The U.S. Commerce Department will provide guidance to companies on how to proceed with data transfers in the wake of Tuesday’s ruling, which invalidates a 15-year-old agreement that allowed U.S. technology companies such as Facebook Inc. andGoogle Inc. to move European customers’ information to the U.S.

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