Not being able to stand on our own feet is going to be a major problem because of the implied soft power. It nerfs our ability to ever have a spine on any issue.
China has spent the last couple of decades making inroads into Africa to secure raw materials, not because they want to annex anything on the continent.
It's certainly easier to do business with countries that aren't governed by a psychotic moron that likes to threaten your cost equation on a weekly basis to enrich its cronies
China is very successfully developing and competing with the US, so it is self evident that Europe should continue to do the exact opposite of everything that China is doing.