We are seeing this, kinda real time, with autos. Americans manufacturers were shielded from Chinese competition and in the last couple years had nothing to show for it. Meanwhile Toyota, in this very short time, came up with the BZ3X (cost around $15.000) https://en.wikipedia.org/wiki/Toyota_bZ3X

All of that being said, the EU rules can be good (ie: usb-c); the problem is that often they get co-mingled with bad protectionist policies.