The European Union announced Wednesday counter tariffs of 26 billion euros ($28.33 billion) on U.S. goods, "matching the economic scope" of President Trump's levies. The big picture: Trump's 25% tariffs on all steel and aluminium imports took effect earlier on Wednesday.

As tariffs "ramp up", those in Europe will "suffer most" because the EU's most important industries – cars, electrical equipment, appliances – are "exactly those where China has built the biggest advantages" and is "in position to grab the biggest piece" of any available "trade surplus pie".

U.S. President Donald Trump's sweeping tariffs on steel and aluminum imports went into effect Wednesday, attracting retaliatory measures from Europe.

U.S. President Donald Trump’s tariff threats have now hit European wine. The president threatened to slap a 200% levy on all wines and other alcoholic products coming out of Europe.

Now, with the potential 200% tariffs on liquors from the European union that the Trump administration announced last week, he doesn’t see how his business would be able to stay

A glass of champagne is seen at the wine making facility of wine grower David Levasseur in Cuchery, eastern France, Monday, March 17, 2025. (AP Photo/Thibault Camus)