On Thursday, President Trump threatened to put heavy tariffs from Europe on wine, champagne and other alcohol if the European Union does not remove tariffs on whiskey.
“The European Union, one of the most hostile and abusive tax and customs authorities in the world formed for the sole purpose of using the US, has only placed a troublesome 50% tariff on whiskey,” Trump said. The true society.
“If this tariff is not removed immediately, the US will soon place a 200% tariff on all wine, champagne and alcoholic products coming from France and other countries representing the EU. This is perfect for the US wine and champagne business,” he added.
The trade war with Europe escalated on Wednesday when Trump's 25% tariffs came into effect on steel and aluminum, prompting the EU to retaliate quickly with a two-stage approach.
The 27-national European Trade Bloc said on April 1 that it would allow existing 2018 and 2020 US suspensions to expire.
Second, the committee is proposing a new package of new measurements on goods from the United States, which will come into effect in mid-April, covering a total of around $28 billion in imports.
Chris Swonger, CEO of The Distilled Spirits Council, urged Trump to do business with the EU before escalating further.
“The US-EU Spirits Sector is a model of fairness and mutual trade that has had tariffs for zero since 1997,” he said in a statement to the hill. “We're urging President Trump to secure a spirits deal with the EU, returning to zero-to-zero tariffs, creating jobs for the US, increasing the production and exports of the American hospitality sector. We want toast, not tariffs.”
Swonger on Wednesday warned that European whiskey tariffs would be “very, very devastating.”
“We got the news early this morning, early. [EU] We are ready to impose a 50% tariff on American whiskey. It's going to be very devastating,” Swonger told NewsNation's Nichole Berlie.
Trump also imposes tariffs on China, Canada and Mexico, but has since announced an exemption from auto parts and goods that fall under the US-Canada trade agreement signed in 2020.
The stock market has experienced a recession as a result of Trump's extensive tariffs.
Updated at 10:06am
