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Also, there's no reason that collaboration tools must be hosted on a US cloud. Especially Microsoft traditionally provided tools for their customers to host their own infrastructure -- it's only a recent phenomenon that everything is hosted by the vendor themselves.
It is true that both the EU and China are swiftly heading away from this unprecedented era of technology companies being able to act as they please abroad without impunity. It is an era that the US, which benefits from this arrangement greatly, understandably does not want to leave.
But what matters is why they are doing this, not that they are doing it. And in that regard it is much harder to find similarities.
No need to go cloud everything. I think you can even buy the whole azure pack to run on-site.