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Because the US currently is able to shut down access to a German website being accessed by a German citizen located in Germany when said German citizen is breaking no German law.
This annoys other countries. Many of those countries are our allies and trading partners.
Additionally, the international nature of the internet means that businesses are currently forced to abide by hundreds of differing sets of regulations. Business would benefit from having a more unified regulatory environment.
One of the major concerns of major players is US control of ICANN. At present, in the event of hostilities, The US could simply reallocate a country's IP addresses, rendering their online resources useless at a stroke. A relocation of such a sensitive global resource to a neutral country such as Switzerland is probably inevitable, though it might take a decade of kicking and screaming.
BBC News - US resists control of internet passing to UN agency