Yep, that's a huge problem, and one that isn't easy to fix. The European market is vastly more gragmented than the North American one, so even without Europe's penchant for taxes and regulation, North America can more easily get giant companies that can reach across the Atlantic.
The only real answer is protectionism, and there's a good chance that'll hurt more than it helps.
The only real answer is protectionism, and there's a good chance that'll hurt more than it helps.