Trade war with E.U. may send wine, champagne prices skyrocketing

Transcript:

Caroline Woods: Alcohol was already getting more costly thanks to newly imposed tariffs, however the ongoing alternate battle between the U.S. and European Union is most efficient making it worse.

After President Trump finished a 25% tariff on aluminum and steel on March 12, the E.U. straight retaliated with a 50% tariff on U.S. spirits. Now, Trump is threatening to hit them serve four-fold.

In a post on his Fact Social platform, the President acknowledged “If this Tariff is no longer eliminated straight, the U.S. will rapidly space a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES.”

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The US for the time being buys half of of its wine from the European Union, with both Italy and France sending more than $2 billion price of exports to the states in 2024. It additionally imports 23% of its distilled spirits and 14% of beer from the narrate.

However, Trump claims most efficient good can attain from the prospective retaliation, posting “This would be great for the Wine and Champagne companies in the U.S.”

That’ll attain it on your day-to-day briefing. From the New York Stock Change, I’m Caroline Woods with TheStreet.

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