They don't have the balls. But in their defense there is much more at stake because the situation is not comparable. China does barely import anything from the US while they export a lot to them. US thought they had the upper hand, because they thought the Chinese would be afraid of selling less. Turned out China had the upper hand, because a lot of things only come from China (or are made elsewhere for a much higher price). So in true Trump style, it was them who chickened out: it seems the US needs China more then the other way around.

With Europe it is much more complicated because we are much more integrated with the US. China has their own internet for example: no WhatsApp, no Mastercard, no Google, no Outlook etc. Imo the fact that the EU is vulnerable of US pressure is a weakness that should be addressed and I think more and more people in power see it that way too. But creating alternatives take time, and I think that is the path the EU has chosen for now. I think we remain 'friends', but not true allies. Europe is slow and ineffective, but not blind. I hope i'm right though, because the stakes are high. A lot of regular people will suffer if either economy collapses. In time though, I believe we will have enough leverage to get the US to back off. But for now, i think the short answer to your question is that unfortunately, we can not.

I think the worst part of sanctions is US companies will always take part, including Visa, MasterCard, discovery, American Express etc. Without them even debit cards won't work and these people are essentially locked out of their banks. We need European alternatives yesterday.