Donald Trump is starting off his morning by doing something he’s done quite often, which is threaten tariffs on major US trading partners.
The latest salvo is aimed at the European Union and their alcoholic beverage industry, particularly France and its world-renowned vineyards. Trump says he’ll put tariffs on what the bloc exports to the United States, after the EU yesterday imposed their own levies on American whiskey in retaliation for Trump’s tariffs on imports of aluminum and steel.
The escalatory tit-for-tat is why these things are referred to as trade wars. Here’s what Trump wrote, on Truth Social:
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 U.S. 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 U.S.
If we don’t sell champagne to the US does it mean the price will get lower for us ? If yes, I’m all in :)
Bar any other factors, yes, that should be the case.
Given there are multitudes of variables in play here: Unlikely.
IIRC wine and other alcohol products are already struggling a bit in the EU because the younger generation doesn’t drink as much.
As an old fuck:
I’m doing my part to keep our economy up!