My feeling is that Trump's first term has been slowly hurting this vision of "the american dream". But just a few months into his second term now he seems to have managed to make it dramatically worse.

At the end of the first term, people were like "we should depend less on the US". Now many people just don't see the US as an ally anymore, and everybody agrees that the US are unreliable partners.

Good that the EU is trying to reduce this dependency: the less leverage the US have, the less they can afford to be bullies.