Even if local alternatives may be lacking now, we can subsidize them for some time so they grow on scale, and thats more than enough for us, we don't need to be cheapest on the market. If we are reliable rest of the world will come to us too. Don't forget US vs EU are 2 mammoth +-comparable economies, and EU has more 100 million additional citizens.
4D chess move would be banning for example ASML machines for any US-related business, let's see how orange man handles his emotional swings.
This is all just a tremendously stupid set of moves. The problem is, people in current US power circles are visibly not smart, you can see it daily. So they inevitably fuck up things, and with massive moves massive fuckery flies to all of us. There is almost 0 chance things will end up as they are publicly spoken of - there are 2 options, dumb as fuck as I wrote or actually some sort of nefarious plan for trump's clan and cronies to get massively richer and suck a lot of money from markets and everybody and their pensions.
Actually I hope its the latter, smart evil can be somewhat reasoned with, pure dumb arrogance not so much you just have to keep licking that ar*ehole and pray for the best.