No. You also have to take adequate technical and organisational steps to protect data privacy.

In particular, the EU believes that by transferring personal data to the US, it could potentially be accessed by law enforcement/three-letter agencies without 'adequate' process.

More here: https://www.osano.com/articles/privacy-shield-invalidated#:~....

In short, the US does not have "a level of protection essentially equivalent to that guaranteed within the EU".