Are you sure it's just 'this administration'? I don't think the memory of America as a bully will go away soon, regardless of who comes into power.
It won't. But going digitally sovereign will cost Europe tens of billions of euros. If there is a friendly race on the other side of the Atlantic, that will not mean the memories go away. But the urgency of the initiative is certainly sapped.
At least the money will keep flowing into our own economy, it will hurt but in the longer term it can only be beneficial.
That will be spent in Europe, improving the economy of member states.
Certainly much better than just sending that money to the US.
Given EU public spending and IT I'm not so optimistic.
Most other countries didn't just because it eventually evened out in the end. But with the US being an adversarial nation, everyone should redouble efforts to ensure not a penny supports that autocracy.
Trump is just the result of this, and it isn't going to stop when he kicks it. It'll be the next populist nonsense. The world needs to move on from America.