In an unintended consequence, this could end up propping up the US economy, of all things! And it could tempt companies like Goldman Sachs to look at buying European assets at fire sale prices, if they don't beat the Chinese to it first!
It’ll fire up the authoritarian right and the totalitarian left in various European countries, who will unite to blame the United States. Not that they don’t already, and not that they’re altogether wrong, but it will ramp up to a new and dangerous level, more like sabre-rattling as they gain control of various governments, imho. Center-right coalitions and US-friendly governments as a whole will fall and be replaced by something decidedly less friendly.