US President Donald Trump said on Thursday that he would put a 200 per cent wine tariff on all wines and other alcoholic products coming out of the European Union if the bloc did not remove its tariff on whiskey.
Advertisement
The European Commission said on Wednesday that it will impose counter tariffs on €26 billion (US$28 billion) worth of US goods from next month, ramping up a global trade war in response to blanket US tariffs on steel and aluminium.
The EU executive said, however, that it remained open to negotiations and considered higher tariffs in no one’s interest.
02:18
Trudeau tells Trump that tariffs are ‘very dumb,’ says Canada is striking back
Trudeau tells Trump that tariffs are ‘very dumb,’ says Canada is striking back
Trump raised the ante in a social media post on Thursday.
“The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50 per cent Tariff on Whiskey,” Trump wrote on Truth Social.
“If this Tariff is not removed immediately, the US will shortly place a 200 per cent Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER EU REPRESENTED COUNTRIES. This will be great for the Wine and Champagne businesses in the US”
Advertisement
US stock futures moved lower and shares of European spirits makers shares dropped.