200% tariff threatened on E.U. alcohol

Caroline Woods brings you the biggest news of the day, including the latest update in the trade war between the U.S. and E.U.

Transcript

00:00Alcohol was already getting more expensive thanks to newly imposed tariffs, but the ongoing

00:05trade war between the U.S. and European Union is only making it worse.

00:10After President Trump implemented a 25 percent tariff on aluminum and steel on March 12th,

00:15the EU immediately retaliated with a 50 percent tariff on U.S. spirits.

00:20Now Trump is threatening to hit them back four-fold.

00:24In a post on his Truth Social platform, the president said if this tariff is not removed

00:28immediately, the U.S. will shortly place a 200 percent tariff on all wine, champagnes

00:34and alcoholic products coming out of France and other EU-represented countries.

00:39The United States currently buys half of its wine from the European Union, with both Italy

00:43and France setting more than $2 billion worth of exports to the states in 2024.

00:49It also imports 23 percent of its distilled spirits and 14 percent of beer from the region.

00:55However, Trump claims only good can come from the potential retaliation, posting,

01:00this will be great for the wine and champagne businesses in the U.S.

01:04That'll do it for your daily briefing from the New York Stock Exchange.

01:07I'm Caroline Woods with The Street.