In relation to Europe vs. the US. Even before the current administration Europe has been at odds with American companies: "The European Union Renews Its Offensive Against US Technology Firms" (2022) - https://www.piie.com/sites/default/files/documents/pb22-2.pd...
The framing that this started now with the current administration is not correct. The current administration certainly heated things up so to speak and brought things to the surface but the tension has been there for a long while. Europe is not capable of competing with US tech in general for various structural reasons. Europeans tend to argue this is because of US power but we see countries like China and India succeeding where Europe fails.
The more interesting question is whether there is a large enough lasting change in the US that takes away its structural advantages. I don't think this is the case. If you look at AI the hub of world economic activity and innovation is still in the US including startups and incumbents. s/AI/anything/ . China is certainly trying, and arguably succeeding, in taking some of that but it's still not at the same level. Europe is not even a player.