I think it is actually a good move to have a blanket policy to protect user data, Twitter, Facebook and other social media also need to keep up with privacy laws in other nations and having those rules apply universally will keep their platform open across nations rather than being US centric only. There is no free speech on private platforms. There is also nothing stopping governments from building one of their own that applies to their laws only if they like, however, I have a feeling that it is just a matter of time that private data such as emails, photographs, medical data, social security numbers and credit card information will also come under the clamp of privacy laws in the US as well.
This may not have the effect you think it will. Instead, you can expect MORE privacy protections, not less, for our future and instead universally restrict the publishing of such personal data without the persons permission at all anywhere.