President Donald Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and elsewhere in the European Union, the latest escalation in the brewing transatlantic trade war. In a social media post today, Trump said he would move forward with the import duties if Brussels follows through with a tax on American whiskey exports.
Shares in European makers of alcoholic beverages fell, with LVMH, which owns champagne houses Moët & Chandon and Veuve Clicquot, down as much as 2.2%. Cognac producer Remy Cointreau dropped 4.5% while spirits maker Pernod Ricard declined 3.6%.