President Donald Trump threatened on Thursday a 200% tariff on the champagne and other alcohol products of the European Union, increasing a global commercial war that has started the markets and fueled the fears of recession.
The measure occurred one day after the EU announced plans to slapped tariffs with goods from the USA. These tariffs marked a response to US tariffs. In steel and aluminum imports.
Trump asked the EU to abandon its tariff on whiskey, saying that the United States otherwise “placed” a rate of EU alcoholic products.
Trump abruptly criticized the EU, describing the organization as “one of the demanding and most abusive and abusive rates of the world.”
A customer pours a glass of wine Beauulais Nouveau at the Le Mesturet restaurant in Paris, France, November 16, 2023.
Sarah Messonnier/Reuters
In a statement a previous day, Ursula von der Leyen, president of the European Commission, said the EU “must act to protect consumers and businesses.”
Shares futures rose earlier Thursday morning, erasing some profits in the S& P 500 and Nasdaq Technological Heavy one day before. The future industrial average Dow Jones showed a continuation of the losses incurred on Wednesday.
The markets have collapsed since Trump announced last week the rates of 25% in the imports of Mexico and Canada, some of which soon delayed.
The tariff threats on Thursday mark the last skirmish in a world commercial war. In response to the US duties about steel and aluminum, Canada announced the retaliation rates applied to $ 20.7 billion in American goods, government officials said. The United States imports more steel and aluminum in Canada than from any other country.
The Trump administration last week slapped a 10% tariff on China, doubleing taxes on Chinese imports at 20%. In response, China imposed retaliation tasks in US agricultural goods, deepening a commercial war between the two largest economies in the world.
Commercial tensions triggered the fears of recession on Wall Street. Goldman Sachs last week raised his chances of a recession from 15% to 20%. Moody’s Analytics raised its meter of the probability of a 35%recession.
This is a development story. Consult the updates again.
