President Donald Trump threatens a retaliation rate of 200 percent on champagne and wine from Europe in the last salvo of his trade war.
The president lashed out for the 'hostile and insulting' European Union, which one Increase the rates for American input in retribution for Trump's increases on steel and aluminum.
The tit-for-tat reactions have increased the commitment in Trump's trade war and causes fears about the world economy.
In his last volley, Trump threatened a rate of 200% for all wines, champagnes and alcoholic products' after the EU had increased rates on American goods, including Whiskey. Many red states in the US produce whiskey.
“The European Union, one of the most hostile and insulting burdensome and rating authorities in the world, which was formed with the sole purpose of using the United States, has just given a filthy rate of 50% on whiskey,” he wrote about Truth Social on Thursday.
'If this rate is not immediately removed, the US will soon place a 200% rate on all wines, champagnes and alcoholic products from France and other EU representative countries. This will be great for the wine and champagne companies in the US '
President Donald Trump threatens a retaliation rate of 200% on champagne and wine from Europe as the trade war increases
On Wednesday, the EU has made new rates on American goods in response to Trump's decision to implement an increase in rates by 25 percent on incoming steel and aluminum.
“Of course I'm going to respond,” Trump threatened after the EU's announcement.
The EU focuses on American industrial and farm products from Republican -led states in its counter -rates, aimed at American meat, bourbon, motorcycles, bourbon, peanut butter and jeans.
The move costs American companies billions and escalate the trade war between the US and its partner in the pond. The new rates go into place on April 1.
The prices will rise, in Europe and the United States, and jobs are at stake, the European Commission warned chairman Ursula von der Leyen.
'We deeply regret this measure. Rates are taxes. They are bad for business, and even worse for consumers, “said Von der Leyen.
Trump's steel and aluminum rates are likely to increase the costs of producing goods from household appliances to cars and cans that are used for drinks.
The president hit a long tier in the Oval Office on Wednesday, made the EU and repeated his claim that it was formed to harm the American economy.
“The EU has been set up to take advantage of the United States,” said Trump.
He said that earlier presidents had lost 'great segments' of the American economy, adding that the “European Union treats us very badly.”
“We have long been abused and we will no longer be abused,” he said, adding that the United States “would win that financial fight” with the EU.
'We will be stronger than ever before. I think the markets will rise when they see what happens, “he said.
Trump also fights with Canada on rates, with increased taxes on their steel and aluminum too.
In response, Canada announced $ 21 billion in new rates that are aimed at importing American computers and sports equipment.
