In a recent escalation of trade tensions, Donald Trump announced a potential 200% tariff on all European wines and alcohol products unless the European Union lifts a 50% tariff on US whiskey. This threat follows retaliatory tariffs by Canada and the EU on Kentucky Bourbon in response to Trump's 25% tariffs on steel and aluminum imports. The situation has caused market instability, resulting in declines in European stocks. US Commerce Secretary Howard Lutnik emphasized a hardline approach to trade negotiations, suggesting that America will assert its trade interests more forcefully.
Donald Trump has indicated a potential 200% tariff on European wines and alcoholic products if the EU does not revoke its 50% tariff on US whiskey.
Howard Lutnik, the US Commerce Secretary, stated that America will "teach the rest of the world respect" regarding trade, highlighting the aggressive stance taken by the Trump administration.
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