I don't think that Europe necessarily thought that we could rely on the US again, more like "PHEW, there isn't a madman in charge any more". Lo and behold, it should be finally clear for everyone that the US itself is the nut job and shouldn't be trusted. Therefore the "Buy European" movement.
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TBD. I've drawn the conclusion that I'm too reliant on US services so I'm starting to self host soon all the things I'm using for privacy concern and to disconnect from the US, as well I've started to consciously search for European products.