I think this will be the conclusion that many countries come to. The UK’s Labour government is cozying up to the Trump administration but there are too many obvious contradictions for that to be workable in the longer term. Either EU or China will benefit (or both).
Where are you getting this idea of the EU economy being almost as large as the US? It's not, nowhere near. In 2024, the US GDP was close to $30 trillion, the EU way behind at $18 trillion.
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The point is that the EU economy is almost as large, enhancing relations with the EU isn't a bad idea.
Add UK and EFTA countries like Norway and Switzerland and you get about 25 trillion, US is about 30 trillion. Similar.
Enhancing economic relations would be beneficial. In theory Canada could even join the EFTA