They are also spending big on domestic arms production. France will be a big winner out of this since they've long valued independent military arms production and the rest of Europe will want to buy French stuff (yes along with American stuff) while they get their arms production up and running. South Korea is also a big arms supplier internationally.

The reduction in US support for NATO is largely part of a pivot to focusing on Taiwan and China. The US military industry would love it if the US focused on both and kept cozy relations with europe. I'm sure they're happy with the whole world increasing defense spending amid rising tensions, but they aren't happy about the US scaring away customers. I hate how involved the US military is globally but acting like Trump is some mastermind of American imperialism is reductive and giving him too much credit. The thought that Europe shouldn't be worried about Russia (the ones currently invading a European country) is bonkers.