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It will be like committing suicide.If the US doesn't stop it's protectionist practices, I think so. The first step has already begun with the €1 billion annual pool for R&D funding only available to EU manufacturers.
There is no French-German project for a new fighter. There are statements of intentions but no concrete joint venture yet.The WTO doesn't cover military products. There is no rule in NATO that says members must buy US equipment. The EF is on it's way out, a new French-German project has already begun.
UK and France also have plans for Future Combat Air System (FCAS) but it does not mean that it's already a go for this project.