The only significant “China risk” for European companies is future western sanctions on China, not anything China will do. Washington will one day come up with an another “stop China” plan for whatever reason. Brussels will follow it without question or thought about negative effects on Europe, just because it’s given in Brussels that EU will follow US wherever it goes. EU has no ability or even the will to do otherwise or really stand against the US for European economic self interest.
Chinese market and manufacturing is not something European companies they can do without anyway. Especially after the current sanction war, the economic necessity for trade with China has only increased, but so has European reliance on the US. European companies just have to go for it and pray that Washington will not fuck them over (they will).
Nothingburger. Most likely just another “fuck you” tripwire policy from Biden admin to Trump admin. Most likely Just to spite republicans and make people like Trump and Rubio fight each other instead of doing something else. Remember; US foreign policy does not change when the president changes and this does not mean that Cuba is off the hook.