President Donald Trump may run into a sticky situation with the European Union and his Federal Trade Commission chief over Big Tech regulations. In February, Trump vowed to hit countries that enact “discriminatory, disproportionate” fines or tariffs against American companies with “responsive actions” to protect U.S. businesses. “American businesses will no longer prop up failed foreign economies through extortive fines and taxes,” he wrote in a memo. Trump called out “fines” and “taxes” “designed to transfer funds to local [European] companies.” His warning may have been all for naught. In April, the EU handed down almost $800 million total in fines to Meta and Apple. The fines were under the EU’s Digital Markets Act, a sweeping set of regulations meant to protect European countries from dominant tech companies, so-called “online gatekeepers,” that allegedly control how users access search engines, app stores, and social media. While the EU has said the rules do not specifically target...