President Trump has threatened the European Union with 200% tariffs on wine, champagne, and other spirits in response to a 50% tariff on American whiskey. Trump accused the EU of unfair taxation and vowed not to back down on tariffs against allies. The EU retaliated with tariffs on US exports, sparking a trade dispute. The Distilled Spirits Council of the United States expressed disappointment and called for an end to the tariff fight. The tariff wars have caused a stock market selloff, but Treasury Secretary Bessent remains unconcerned.
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