The number of tech companies matters less than their scale. SAP, Spotify, and Dassault Systèmes likely have more economic impact than ten thousand tiny software shops combined. And notably, all three derive a huge portion of their revenue from the US market.

The US simply has more numerous and more important companies that rely on being able to freely export their services globally. The leverage here is with Europeans not only because of this asymmetry but because there is also more political appetite there to punish America than there is in America to punish Europe.