In his first term, Trump also targeted the alcohol industry. A series of tit-for-tat tariffs hit alcohol products in the U.S. and the EU. The Biden administration suspended those tariffs, but now the industry is once again in the crosshairs. The industry has still been recovering from that first tariff spat.

KEY TAKEAWAYS President Donald Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages, a day after the European Union announced countermeasures on other levies he imposed.