President Donald Trump threatened to place a 200% tariff on French wine and European Union alcohol after the EU said it would place tariffs worth $28.33 billion on American goods.
“We deeply regret this measure [by the U.S.]. Tariffs are taxes, they are bad for business and worse for consumers, they are disrupting supply chains, they bring uncertainty for the economy, jobs are at stake, prices are up and nobody needs that, neither side needs that,” said European Commission’s President Ursula von der Leyen.
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.
I would pay to see this:
From CNBC:
Data from the European Commission, the executive arm of the EU, said the bloc had a trade surplus of 155.8 billion euros with the U.S. for goods in 2023, but ran a 104 billion euro deficit on services. Overall, EU-U.S. trade in goods and services in 2023 was worth 1.6 trillion euros, according to the EU.Machinery and vehicles make up the largest chunk of EU exports to the U.S. by product group, followed by chemicals, other manufactured goods and medicinal and pharmaceutical products.
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