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President Donald Trump has threatened to impose a 200% tariff on wine, champagne, and other alcoholic beverages from France and the European Union, dramatically escalating tensions in an emerging transatlantic trade war. The threat, made via social media on Thursday, would be implemented if Brussels proceeds with retaliatory taxes on American whiskey exports – a response to Trump’s steel and aluminum tariffs that went into effect Wednesday.
European alcohol producers saw immediate market impacts, with shares of LVMH dropping 2.2%, Remy Cointreau falling 4.5%, and Pernod Ricard declining 3.6%. France’s trade minister Laurent Saint-Martin responded firmly, saying France “will not give in to threats.” The EU is planning countermeasures with duties on up to €26 billion worth of American products, targeting both agricultural and industrial goods with tariffs up to 25% by mid-April.
