(Bloomberg) -- The U.S. and European Union failed to seal a new deal to facilitate data transfers as regulators threatened to impose tight restrictions on how technology giants and thousands of multinational companies move information across the Atlantic.

While negotiators are “close” to an agreement, “an additional effort is needed,” EU Justice Commissioner Vera Jourova told the European Parliament’s civil liberties and justice committee in Strasbourg, France on Monday. The EU had targeted a deal by Tuesday, to coincide with a meeting of national privacy officials.

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