Trump threatens 200% tariff on EU champagne, other alcohol products
President Donald Trump on Thursday threatened a 200% tariff on champagne and other alcohol products from the European Union, escalating a global trade war that has roiled markets and stoked recession fears.
The move came a day after the EU announced plans to slap tariffs on $28 billion worth of U.S. goods, including a 50% tariff on whiskey. Those tariffs marked a response to U.S. duties on steel and aluminum imports.
Trump called on the EU to drop its tariff on whiskey, saying the U.S would otherwise “shortly place” a tariff on alcohol products from the EU.
Trump sharply criticized the EU, describing the organization as “one of the most hostile and abusive taxing and tariffing authorities in the World.”
A customer pours a glass of Beaujolais Nouveau wine at Le Mesturet restaurant in Paris, France, November 16, 2023.
Sarah Meyssonnier/Reuters
In a statement a day earlier, Ursula von der Leyen, president of the European Commission, said that the EU “must act to protect consumers and business.”
Stock futures turned lower early Thursday morning, erasing some gains in the S&P 500 and tech-heavy Nasdaq a day earlier. The Dow Jones Industrial Average futures showed a continuation of losses incurred on Wednesday.
This is a developing story. Please check back for updates.
About The Author
