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.
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