I still believe that the EU and aligned countries would rather have America to agree to much tighter speech controls, digital ID, ToS-based speech codes as apparently US Democrats partly or totally agree to. But if they have workable alternatives they will deal with them from a different position.
As in, a citizen of an EU country types x.com/CNN, because he or she wants to know the other side of some political issue between the EU and the USA, and he or she feels that the news in the EU might be biased or have misunderstood something. Would it be good or bad if the user was met with a "This website is by law not available within the EU"?
CNN is a very silly example though, because .. you can just go to the CNN website separately. The one that is blocked is Russia Today and various other enemy propaganda channels.