It does not change the U.S. law in the respect that you're mentioning. A U.S. border officer could ask a European to give the password to the content of their electronic device. The agreements between the U.S. and Europe give redress to that European in that case. In the case of Canada, since we are not a country under the Judicial Redress Act, we cannot exercise these redress mechanisms. The only mechanism that is envisaged is the one that SECU, the national security committee, is adding to the pre-clearance agreement.
In substance, Europeans are subject to the same searches in the U.S. as Canadians, but by process, Europeans have a right of redress that we do not have.