China is just as much a threat to European companies and European interests as it is to American interests.
Trump and his foolishness aside, it's high time Europe wakes up and realizes China is already at war with us - in fact, it has been at war with us for well over a decade. China systematically undercuts our industries with slave labor and sharting on their environment (not that I'd care too much about smog in China, that's their business, but I do care when our industry can't compete because we actually want to protect our environment), China deploys organized hacker campaigns against us or outright buys up our companies to extract knowledge and know-how - and we've bent over for way too long. We haven't even ever insisted on reciprocity in market access ffs!