Donald Trump declares trade war on abusive EU | Political News
Donald Trump has issued a warning that he may impose 200% tariffs on European wine, threatening additional trade war chaos. In a post on Truth Social, he said: “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 just isn’t eliminated instantly, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, and ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES. This will likely be great for the Wine and Champagne companies within the U.S.”
His remarks risk escalating tensions between Brussels and Washington, potentially triggering a full-blown trade war.
The EU Trade Commission has yet to respond to Trump’s latest social media post. “We have no new remark on the assertion by President Trump,” a spokesman told the BBC.
“But we will affirm that Commissioner Sefcovic reached out to his American counterparts instantly after the bulletins yesterday, and calls are being ready.”
Trump’s threat follows the EU’s announcement that it would increase its levies on up to €26bn (£22bn) worth of US goods, including boats, bourbon and motorbikes, from April 1.
In response to the White House’s decision to expand US tariffs on steel and aluminium, imposing a blanket duty of 25% and ending exemptions previously granted for shipments from certain countries, the EU has retaliated.
Ursula von der Leyen, President of the European Commission, defended the EU’s reaction, stating it was meant to be “robust however proportionate”.
She further stated that the EU is “prepared to interact in a significant dialogue” to attempt to resolve the escalating crisis.
“Tariffs are taxes. They are dangerous for business and worse for shoppers,” she warned, indicating that the economic disruption could jeopardize jobs and increase prices.
“Nobody wants that on each side, neither within the European Union nor within the United States.”
Despite a decline in consumption lately, the US stays the world’s largest wine market.
Last yr, EU international locations exported billions of euros value of wine to America. According to information from statista.com, by May 2024, the full worth of European wine exports to the US amounted to €13.75 billion.
Italy, one of the most important exporters, warned earlier in March that US tariffs of simply 25% may cut back the worth of its international wine exports by almost €1bn (£830m).
The intensification of the trade war has unsettled financial markets worldwide, with alcohol company shares falling in response to the information.
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