Could be worse
Imagine how bad it would have been if the European Commission had continued to focused their attention on manufacturing.
Last time, we had the DRAM tax - a tax on DRAM not manufactured in the EU. Everyone in Europe suffered from high DRAM prices. The foundaries still closed. The was a lucrative market in 'second hand simms' - anything that looked like a memory module was marked as defective and shipped to the far east so it could be 'replaced' under guaranty without incurring import tax.
Whatever the government does, sane people hope they do it to someone else.