Overview

• President Trump announced plans for a 200% tariff on European alcoholic beverages, including wine, champagne, and spirits, via his Truth Social account.
• The move comes in response to the European Union's new tariffs on $28 billion worth of U.S. goods, including a 50% tariff on American whiskey.
• Industry experts warn the tariffs could dramatically increase costs for U.S. consumers, with some products potentially tripling in price.
• French officials, including Finance Minister Eric Lombard, criticized the tariffs as harmful and vowed to defend European interests while seeking dialogue with U.S. counterparts.
• The escalating trade tensions have caused market volatility, with U.S. businesses and consumers bracing for economic fallout.