

Yes and no. The US chose to project its power around the world after WW2. It used that military power and umbrella protection to shape free trade deals, and preferential deals for US interests.
From a US perspective whats happening is the destruction of something extremely powerful to the US interests. US power and influence will be massively diminished in an era when China is on the rise.
Europe will be able to afford to go to 3% of GDP on military spending. It’ll be painful in the short term but worth it for Europe as it will give them independence. Its not a threat to European tax and spending - that remains its aging population. Increased military spending will be a marginal problem.
Trumps destruction of US dominion is going to reduce their influence and power on the global stage. Even if the Americans elect an outward looking president next, Europe and other NATO allies can no longer rely on American promises as Trump has shown how quickly american orthodoxy can be undone.
The US spends 3.4% of its GDP on its military and for that it got an extraordinary amount of influence and power. The US will continue spending that much but will now be getting much less value for its money.
I’m a UK based professional and I come to the US for a conference each year. I won’t be coming again.
I dont want to have my phone searched at the border, I dont want to risk arbitrary arrest and detention without legal representation, and frankly I dont want to spend my money in the US anymore (its a week long conference and costs a couple of thousand pounds including conference fees, flights, hotel and expenses). I’m already trying to buy European because of trumps other behaviour, so not spending mony in going to theUS is an easy win too.
Now multiply that out - even if its a small percentage overall there are lots of people who are no longer going to want to visit the US in the current climate. Expect a downturn in US tourism guvent the horror stories that are coming our of US ICE detention centres.