US President, Donald Trump has threatened to impose a 200% tariff on wine, champagne, and other alcoholic drinks imported from the EU.
Trump noted that the threat would remain until the EU removed a duty on US-made whiskey.
“If this tariff is not removed immediately, the US will shortly place a 200% tariff on all wines, champagnes and alcoholic products coming out of France and other EU represented countries,” the US president wrote on his Truth Social platform on Thursday.
“This will be great for the wine and champagne businesses in the US,” he added.
European alcohol firms saw their shares plummet in response to Trump’s threat.
Pernod Ricard stock was down 3.2%, Rémy Cointreau shares fell 3.8%, while LVMH – which owns Moët & Chandon and Veuve Clicquot – fell 1.9%.
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SOURCE: BBC NEWS
