They could probably pass a law that companies within California pay taxes to the fed through an escrow account held by the state, pass the data through so if nothing crazy happens, it doesn’t really affect anybody, and get enough companies to comply that Trump would back down.

The courts would eventually decide whether or not it was legal, but by then Trump will have moved off to another target to performatively attack while pretending to help people who aren’t multi-millionaires while siphoning their money instead.