Off Shore Clouds storage debate

Off Shore Clouds - thoughts?

I'm curious what everyone is thinking regarding the debate over government access to cloud stored outside the US. I work in the industry, so I'll try to leave that specific bias out of this conversation. As an US citizen, I feel I'd prefer to have my "data" located in the US. I don't do a lot of world travel (outside of NA) so I could tolerate latency if I were abroad. The issue isn't consumer cloud data, but business cloud data and therefore the sales of cloud services to global companies. I would think security would come first, but I see this easily going down the path of the great firewall of China, where data can't leave physical borders. Thoughts?