There is no irony. The EU is targeting US companies. The US is targeting Chinese companies. The US is or soon will be targeting EU companies. China is targeting US companies. China will probably soon be targeting EU companies if they aren't already, which is probably already debatable. And this is not a complete list, it's not even a complete list of the highlights.

If they're doing it by legislation, well, the EU has been passing "legislation clearly designed for US companies to be in infringement of" for a while. Maybe you like that. Maybe it's a good thing; after all, the things they're passing laws about are basically just actions only US companies are capable of taking right now. Nevertheless it is clearly targeting. It's just targeting you like. The US has passed such legislation. China does it both with formal legislation and with de facto rules.

Free trade is a dead letter. Whether you like that or not is not very relevant to whether or not it is dead. It's dead. Maybe it'll swing back around in a few decades but right now even that is a distant prospect, we're not even done accelerating into the current merchantalist phase of the cycle, let alone decelerating, let alone heading back.

(Note "whataboutism" would be an inappropriate response to my point here; that's about "it's ok for us because they do it". My observation is not normative, merely descriptive... everyone is doing it, and they're doing it more rather than less right now.)