It is good for Europe to learn to stand on its - our - own legs, to become less dependent on the USA for territorial defence and probably also to learn the hard way that peace and tranquillity is the exception rather than the rule. Si vis pacem, para bellum. It is not good for Europe to swap dependence on the USA with dependence on China, we're more than 500 million people with access to most of the resources we need to stand on our own legs so let's get crackin'.
Also, let's drop the silly panic around Trump, the man is doing what he was elected to do which is put America first. We should do the same, in a serious way. Not in an isolationist way but sensibly. Stop importing the world's problems, stop with the silly self-chastisement around 'climate' and 'colonialism', stop the import of islamism and make serious work of getting rid of the islamist factions which have been allowed to establish themselves or Europe as it once was - the birthplace of the enlightenment - will succumb to the sectarian infighting which destroyed Lebanon after they invited Arafat and his PLO.
So, 'Europe first' in the sense that the ideas which formed the continent are worth defending and so are people who subscribe to those ideas no matter where they come from. Those who want to get rid of these ideas to replace them with their own intolerant society - whether that be an islamic caliphate or a Chinese-style fascist [1] surveillance state - are not welcome. I realise this includes a number of EU bureaucrats who are enamoured of the latter system and I would be pleased to see these individuals removed from power, preferably by truly democratic means.
[1] Fascism and Communism are closely related so it is not that odd to call the current government form in China by the former name even if they claim to be the latter. See https://www.britannica.com/topic/fascism for a definition or read what Mussolini had to say about the subject and you'll see the parallels.