I really liked this talk by Cory Doctorow: Pluralistic: The Post-American Internet. He is arguing that it is the perfect time to dismantle the global dominance of US Big Tech, by getting rid of local "anticircumvention laws". These laws make it a felony to bypass digital locks on products, even if no other law (like copyright) is being broken. This effectively criminalises modifying, repairing, or creating interoperable products for devices you own. This causes a transfer of wealth to the US.
The US systematically forced nearly every other country, including Australia, to adopt similar laws by tying them to crucial free trade agreements. The threat was to either adopt the laws, or be threatened with tariffs.
Trump unilaterally imposed tariffs anyway, so the tariff card is not as big a threat. Instead of retaliatory tariffs that hurt their own citizens, countries should simply repeal their anticircumvention laws.