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Donald Trump has warned of putting a 200% tariff on all wine and other alcoholic products coming out of the European Union if they do not remove their tariff on whiskey.
On Wednesday Canada and the EU hit Kentucky Bourbon with a 50% tariff in retaliation to the US President’s levies on the bloc.
The European union are planning to target US products worth €26 billion from 1 April after Trump placed 25% tariffs on steel and aluminium imports from the bloc.
Trump wrote in a Truth Social post: “The European Union, one of the most hostile and abusive taxing and tariffing authorities in the world, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% tariff on whisky.
“If this tariff is not removed immediately, the US will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES.
“This will be great for the wine and champagne businesses in the US.”
The US Commerce Secretary Howard Lutnik told Bloomberg after Trump made his threat that America will “teach the rest of the world respect” over trade.
On Thursday concerns of the impact of Trump’s trade war saw European shares tumble and Germany’s Dax index fell by 0.6% and France’s Cac 40 index dropped by 0.3%.
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