Trade negotiations with the EU aren’t going well. How could they? Unlike the UK, the EU is a huge market with a large trade surplus with the US; unlike China, it is not an authoritarian and mercantilist entity that can easily impose its will on its citizens.
As you might expect, Trump is threatening much higher tariffs as a result of the deadlock. The EU will, of course, retaliate, and things will go downhill from there until the markets and the polls threaten Trump the way they did with China.
My real fear here is that Trump will take out his frustrations on Ukraine. The EU is determined to keep Ukraine safe and sovereign; can Trump resist the temptation to use Ukrainian independence for leverage in the trade talks?
Probably not, if history is any guide, which it usually is.