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Is this actually any different than before? Weren't the Europeans already buying American Weapons for Ukraine?

Europe is re Militarizing, it's military industry is going to get a boost from this too. 
This is what Trump has been pushing for but it's a mistake for the US. Europe was quite passive and had no real ability or motivation to throw their weight around globally. They were happy to let the US do that. But this is going to change now, the EU will have the ability to force it's will on other nations and that is often not going to be in the interests of the USA. They are creating a fourth super power.

It's possible Trump wants to curb that by redirecting EU spending from the EU military industrial base to the US one. But that would be giving him too much credit and also many of his other actions wouldn't support that.

Secondary sanctions could hurt Russia a lot. But I don't think in the end it will happen. AT least not to a serious degree. Yes Trump can put 100% Tariffs on India and Brazil as they are not majorly import to the US economy but they cannot tariff China like that, they already tried and already backed down and if they don't Tariff China it's not going to work.