Germany has enacted border controls to catch illegal immigrants, causing massive traffic jams. There are huge pushbacks kicking out thousands of refugees. Social services have been cut for refugees. All of that leads to a doubling of the right wing party, because migration ends up a topic in the media and the right wing is calling for everybody who is not 100% ethnic German to be kicked out of Germany, which is obviously insane.
The problem for large institutions is that they very often have specialized software relying on some American software or being American themself. More often then not that means converting large amounts of data from a propietary format into something useable by another software. The company selling the original software obviously does not want that to happen at all. Also both programs work in different ways, so data might have to be split in non obvious ways.
Then you need to retrain the workforce to use the new software, which probably does not work properly to begin with.
There are also often dependencies. Like Microsoft Office Add-Ins from third party vendors. They will not like going to Libre Office and it is likely not easy either.
Not saying it is impossible, but a transition takes years and is going to lead to some serious problems.
Looks more like Europeans are moving money from the US to Europe in fear of something bad happening, rather then Trump not starting with tariffs or the current plans for peace in Ukraine. Obviously the later would be great for Europe, but not in the way planned.
Spies need to be kicked out of the country and organizations set up by them have to be banned.