President Donald Trump has hit back at the European Union, which he claimed was "screwing" the U.S. after saying Thursday that he would put a 200% wine tariff on all wines and other alcoholic products coming out of the EU if the bloc did not remove its tariff on whiskey.
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The European Commission said on Wednesday that it will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, ramping up a global trade war in response to blanket U.S. tariffs on steel and aluminum.
Taking to social media Thursday, Trump slammed the EU.
"The Globalist Wall Street Journal has no idea what they are doing or saying. They are owned by the polluted thinking of the European Union, which was formed for the primary purpose of 'screwing' the United States of America," he wrote. "Their (WSJ!) thinking is antiquated and weak, and very bad for the USA. But have no fear, we will WIN on everything!!! Egg prices are down, oil is down, interest rates are down, and TARIFF RELATED MONEY IS POURING INTO THE UNITED STATES. The only thing you have to fear, is fear itself!”
The EU executive has said that it remained open to negotiations and considered higher tariffs in no one's interest.
Trump raised the ante in a seperate social media post on Thursday.
"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," Trump wrote on Truth Social.
"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."
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U.S. stock futures moved lower and shares of European spirits makers shares dropped.
The European Commission said it will end its current suspension of tariffs on U.S. products on April 1 and that its tariffs will be fully in place by April 13.
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