Even if Republicans are removed from office in the next election, the damage is done. Europe simply can't trust in the long term stability of US policy. If Europe cannot trust in it, neither will any other continent.
That’s already mostly true except for Europe. OVH, Hetzner, etc. are not hyperscale providers nor have they shown the ability to evolve in that direction over the past decade, and to be honest the conditions in Europe are just not there for any one of them to evolve into a “proper” cloud provider.
Even if Republicans are removed from office in the next election, the damage is done. Europe simply can't trust in the long term stability of US policy. If Europe cannot trust in it, neither will any other continent.