If Europe attempts to re-arm they will not have the money to do so and keep their Uber expensive Social programs. They can either gut those program, go into massive Debt borrowing money to re-arm themselves or do nothing. The will of the electorate in Europe has no stomach for war, they had none in WW2 and even less now.
https://www.newsweek.com/europe-defense-spending-military-nato-donald-trump-2037104
https://www.army-technology.com/analyst-comment/eu-rearm-europe-plan/?cf-view
And let's say the do what your article purposed... why wouldn't America carve out a Deal with Russia and China to crush Europe/Canada/Australia and Robber Barron them? I mean that would make sense would it not?