Thanks. I am a EU citizen (dual German + US) but live in the US. My understanding from reading into it a little bit is that it doesn't automatically apply to me while I live in the US but would if I traveled to europe. I guess some of the nuts and bolts will become clear as things get enforced after May.

Either way this is by far one of the most exciting reasons I've encountered to still have my original citizenship!

Nope, GDPR still applies to you to any country where you travel!

Now, the downside is that small, local companies probably won't care about the GDPR. However, you buy soap (and everything else) from multinationals with European operations -- and crucially, bank accounts.