President Donald Trump has threatened aggressive new retaliatory tariffs on European Union countries that could make foreign wine, beer and liquor cost three times more

Trump’s threat to impose a 200% tariff on European alcohol rattled markets, sending Campari, Pernod Ricard, and LVMH stocks tumbling. The U.S. accounts for €13.1bn in EU beverage exports, with wine and spirits most at risk.

President Donald Trump's threat to impose a 200 percent tariff on many European Union alcohol imports, amid a spiralling trade war, will hit a market worth $10 billion to EU producers in 2023, according to World Trade Organisation figures.