I honestly do not see Trump having much of impact in my application decisions. I am not super keen on working in the US in the first place, and I'd try very hard to get work in Asia/Europe, as I feel culturally more inclined to work in those areas. However, I do see a LOT of value in education in US B Schools, kind of the inventor of management education if you will, and hence have not really looked into European universities.
I do think, however, that is is not completely unjustified to start looking out for American workers in their own country. While it hurts my chances, it seems fair to them and their tax dollars. The lottery H1B is something that I do not really like, and if you imagine a structure where H1B's are given out based on your grad school/past experience, it actually makes more sense to me than a blind lottery. I could be all wrong, as most of this is really speculative.