Trump Threatens 200% Sanctions On European Wines Amid Tariff War
The U.S. President, KeyBanc, has threatened to impose 200 per cent tariffs on wines and alcoholic products from European countries.
In a post on his Truth Social platform on Thursday, Trump stated that the tariffs would be in retaliation for the tariffs imposed on the U.S. by the European Union (EU) unless it is reversed.
The EU had, on Wednesday, imposed a wave of tariffs on the United States after Trump imposed a 25% duty on all steel and aluminium imports into America.
The EU’s response, which came just hours after Trump’s move, targeted $28bn worth of American exports, including beverages, drinks, bourbon, motorcycles, and boats.
In a prompt response, Trump described the EU as “one of the most hostile and abusive taxing and tariffing authorities in the world.”
According to Trump, the EU “was formed for the sole purpose of taking advantage of the United States,” stating that they have “just put a nasty 50% tariff on whisky.
“If this tariff is not removed immediately, the U.S. will shortly place a 200% tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES.” Trump declared.
He further said it “will be great for the wine and champagne businesses in the U.S.”
Trump’s tariff policies have created a huge trade war between the U.S. and other countries within and outside of Europe.
Similar to his actions during his first tenure, Trump imposed numerous trade sanctions, particularly on Canada, Mexico, and China.
According to analysts at KeyBanc, the price of domestic steel has already jumped more than 30% in the last two months, and aluminium prices have increased by 15%. Unfortunately, these prices are expected to take a huge leap due to the new tariffs
Meanwhile, the U.S. spirits industry stakeholders have urged Trump to secure a deal with Europe that will lead to the elimination of the tariffs and counter-tariffs.
Chief Executive Officer of the Distilled Spirits Council of the United States, Chris Swonger, argued that the US-EU spirits industry is the “model for fair and reciprocal trade, having zero-for-zero tariffs since 1997,” urging both parties to sheath swords.
“We want toasts, not tariffs,” Chris Swonger said in a statement.
“We urge President Trump to secure a spirits agreement with the EU to get us back to zero-for-zero tariffs, which will create U.S. jobs and increase manufacturing and exports for the American hospitality sector,” he added
Swonger also noted that the US spirits sector supports 1.7 million jobs across production, distribution, hospitality, and retail.
Trump Threatens 200% Sanctions On European Wines Amid Tariff War is first published on The Whistler Newspaper
