I've been told more than once, on this board, that Trent no longer applies.
(However I've never quite bought off on that)
The various anathemas of Trent applied to those who hold to specific Reformation doctrines. Individual parties were not named in them, thus any claim that they only applied to the Reformers themselves are disingenuous IMO. Now if our RCC friends are right about the (selective) applicability of Trent, then I have to conclude that the Roman Catholic Church of the 16th century believed that preaching sound doctrine was not about truth but about playing politics. Is doctrinal truth something that can be created, enforced, or annulled at the Holy See's whims if it suits some political purpose?
IMO If the RCC of the 21st century believes that the Council of Trent (especially the "anathemas" proclaimed in the Fifth, Sixth, and Seventh Sessions) can be selectively applied to one party and not another, then we either have evidence of wholesale denominational apostasy on Methodists' and Lutherans' parts (i.e. they reject the very same Reformation doctrines that earned their forefathers Trent's anathemas), or evidence that the Roman Catholic Church in the 21st century is still engaging in doctrinal politics six centuries later - and still needs a good Reformation.
That's the only sense in which Trent no longer applies.