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No. In this specific situation where everyone else has already slipped the tariffs?

China is the biggest target, it hasn't been isolated from the world economy or the free trade system. America is making an attempt to isolate china but how many countries will play along?

What soft power they retain will be aimed at “traditional values” crowd

Fair enough. But there is more to soft power than just cultural factors. The reliability of the American market itself is in question, and this is not a good thing. America going with fascist aesthetics is nowhere near as America trying to interfere with the global gravy train.

It is impossible to convince the Europeans to side with the global south out of the goodness of their hearts (which they don't have). However, fucking with their wallets will cause everyone except the most ardent European hitlerites to rethink their relationship with America.