1. The EU would face higher tariffs on their exports to the USA. Now mostly struck down
2. The EU would not retaliate with tariffs of its own. Not really a big deal since the only US export to the EU that's worth worrying about are digital services, and those aren't subject to tariffs anyways.
3. The EU promised to buy lots of LNG and make investments in the USA to the tune of hundreds of billions of dollars. This was a bald-faced lie on the part of the EU negotiators. Even if the EU wanted to actually do this, they have no power or mechanism to make member states and companies within those member states buy more LNG or make more investments in the USA. This was just an empty promise.
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So if the tariffs are struck down, we're more or less back to where we started.
The amounts named were also, ah, suspiciously similar to the amount of LNG Europe would generally buy, and the amount that would be invested in the US as a matter of course. It was kind of "well, the thing that would ordinarily happen will happen".
Parliament froze it when Trump started threatening Greenland.