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US President Donald Trump intensified trade tensions on Thursday by threatening a 200% tariff on champagne and other alcoholic beverages from the European Union.
His warning came in response to the EU’s decision to impose tariffs on $28 billion worth of U.S. goods, including a 50% tariff on whiskey. The EU’s move followed earlier US tariffs on steel and aluminum imports.
Trump called on the EU to remove its tariff on whiskey, stating that the US would “shortly place” a tariff on alcohol products from the EU if the measure remained in place.
He criticised the EU, calling it “one of the most hostile and abusive taxing and tariffing authorities in the World.”
European Commission President Ursula von der Leyen defended the EU’s position, saying that it “must act to protect consumers and business.”
These recent developments have rattled financial markets, with stock futures turning lower on Thursday morning.
The S&P 500 and Nasdaq lost some of their gains from the previous day, while Dow Jones Industrial Average futures continued their decline from Wednesday.
(ABC News)
