It's possible. For now, the agreement provides that privacy rules apply to personal data in the private sector. However, if we were to change the rules and further constrain the transfer of data from Canada to the United States, American companies seeking access to the data could invoke the agreement and say that we are engaging in data localisation that's blocking the free flow of data. They might argue that we are free to apply such regulations to Canadian companies, but not to them. That would result in an uneven playing field, which would have a negative impact on the competitiveness of Canadian companies in this sector.
On February 26th, 2020. See this statement in context.