Trump Threatens 200% Tariff on European Wines Amid Escalating Trade Conflict
Trump's threatened tariff on EU wines follows the EU's planned tax on American whiskey, risking major impacts on U.S. consumers and businesses.
Trump's trade war is stirring up booze battles
Business Insider
Trump uncorks another tariff threat — 200% on European wine
Business Insider
Overview
In a dramatic escalation of the trade war, President Trump has threatened a 200% tariff on European wines and spirits in retaliation for the EU's planned 50% tariff on American whiskey. Industry leaders warn that such a steep tariff could devastate the U.S. wine market and significantly raise prices for consumers. With European wines constituting 17% of the U.S. market in 2023, importers are halting stock purchases amid uncertainty. Experts fear this could trigger a similar retaliation affecting U.S. products, complicating the trade landscape even further. The EU's whiskey tariff is set to take effect on April 1.
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European wines constitute about 17% of the U.S. market. A 200% tariff could significantly raise prices for consumers and potentially devastate the U.S. wine market.
The trade conflict could lead to further retaliation, complicating the trade landscape and affecting U.S. products. It has already contributed to a Wall Street stock selloff due to market volatility.
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