Europe will go all protectionist like they always do, and block imports.
The EU does not play nice. A couple years ago the EU signed a free trade agreement with MERCOSUR and now they're trying to back down. They claim that importing beef from Argentina and Brazil will affect their beef prices and "lose jobs". They are running a smear campaign against Argentina and Brazil so people will avoid beef from our countries, claiming the amazon fires from 2019 were deliberate and that Brazil was destroying rainforest to raise cattle. This is false as I live near this area and last year was the worst drought we had in a century.
Oh but if Argentina or Brazil dare put ANY restriction to trade with Europe they cry foul and go to international courts. It's America and Europe's playbook: force you to sign a free trade agreement at the "customs" level but then block your products with internal "controls". 1-way trade agreement where they will sell to you but refuse to buy.