Do I need to store user data in EU to be compliant with GDPR?

The EU and the US had an agreement for the free flow of private data. The courts struck it down because the US does not have actual privacy with all the wholes of unconstrained national security excuses. However, there is an escape hatch, but big corps only as far as I get.

https://arstechnica.com/tech-policy/2020/07/court-tosses-us-...