Manufactured products from Europe to US is an issue, as well as some other produce.

What really screws Europe is our reliance on US IT infrastructure. AWS, Azure, Google Cloud are already bad but governments have been making deals with such horror shows like Palantir (both UK and Germany). Italy still considers using Starlink in their army.

Latter is easier to fix, but replacing AWS etc would be a monumental task. Pretty much every company relies on these services, if not directly then indirectly. Governments also have plenty of services that use these. There's nothing remotely comparable in Europe and building something like this would cost billions, and that would be cheap compared to migrating users to the new platform.