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.

Recession fears are growing as President Donald Trump is threatening to impose 200 percent tariffs on alcohol from the European Union, sending stocks plunging yet again. "I'm not going to bend at all,

President Donald Trump is threatening a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.