The European Union's AI Act (the “AI Act”), which was adopted by the EU parliament on March 14, 2024, is the first legal framework aimed at regulating artificial intelligence (AI). The AI Act has global implications, establishing a foundation for trustworthy AI in Europe and signaling a shift towards more stringent AI governance worldwide. This article explores the potential impacts of the AI Act on US businesses and offers insights into navigating the evolving landscape of AI regulation.