More likely the end of one-sided free markets. There's no suggestion that the US is about to pull the same shit on countries that don't try and hobble US tech companies.
The EU will probably start to tax tech companies that avoid taxes by registering in tax havens within the next few years. If that's the US' sole motivation, it seems like a receipt for disaster.
That sounds like it’s more likely to raise US tax revenues tho, so I imagine there’ll be a lot of wailing and gnashing of teeth, and no action.
I believe there is widespread support in the US for ending tax haven loopholes.
I don't have a problem with this. US companies haven't been bringing foreign revenue home because the tax rates are too low in other countries. If EU taxes them then they'll bring the revenue home.
That doesn't sound like a recipe for disaster to me. It sounds like a great plan, the EU should do exactly that.