Neoliberalism and globalization were the state ideology of the American empire, of which the EU (was) a part, so of course they’re experiencing the same. They’ll now either re-align themselves with China (who capitalized best on the prior era) or face a similar fate.
How would realignment with China help EU? EU has the same systemic issues as the US, the o lot difference is a better (for now) social safety net, eg healthcare and unemployment.