“and can induce them to favor US interests.”
That would be nice, but we never do it. We always seem to forego our interests in favor of everyone else, even our enemies.
European and other allied economies are effectively part of the US economic system, with their economic strength, technology, medical advances, and science being available to the US. For example, the daughter of close friends is a technology scout for the DoD. In secrecy, she travels through Europe and the Pacific assessing and helping acquire useful bits of military tech for the US Navy.
In addition, Europe and other allies buy our Treasury debt and subsidize Medicare, Social Security, and other federal budget busters that I and millions of other American rely on in the last years of life. In effect, the dollar is used as a trade and reserve currency around the world in considerable part because it comes with global US military power behind it. Unlike the dollar, gold and euros do not come with the backing of aircraft carriers, B-2 bombers, M-1 tanks, and the US Marines.
Finally, Europe, Canada, and our Pacific allies provide important support in international affairs. For example, during the Iranian hostage crisis, Canada hid Americans and then smuggled them out of the Iran. More generally, the US has effective control of key international economic institutions and agencies due to the help and support of our allies.
I have a cousin with an advanced economics degree who lives in Japan and is married to a Japanese woman. He works in Tokyo for a company that evaluates proposed development projects for international lenders. In the so-called Belt and Road initiative, China tried copying the system that the US and our allies have but botched it badly by predatory tactics.
In effect, my cousin is part of an evaluation process that helps assure that US and allied dollar lending goes to genuinely useful development projects on terms that do not rape Third World countries.
This system grew up piece by piece over decades. Like it or not, it is part of how the US remains a global superpower and assures its security. Most Americans have little sense of how the system works, but it keeps order and peace in a hostile and dangerous world.
Trump is of course correct that in many details, the US has subordinated its interests to other countries, especially on the terms of trade and alliance burden-sharing. Those details need to be renegotiated in the US favor, but the system will endure because it has such great value for the US and its allies.
Even worse, when we do try to induce favor, Europe just thumbs their nose in America’s direction and tells us to pee-off!
The return on investment initially was very high after WWII, but the ROI over the last 30 years has been a net LOSS!! And it is getting worse!