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".

The European Union announced retaliatory tariffs on Wednesday, following new U.S. tariffs that took effect overnight on imported steel and aluminum. The escalating trade war comes as the Trump administration shares its plans to cut the U.

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

Stew Leonard's wine and spirits president Blake Leonard said consumers are stocking up as President Trump threatens to impose a 200% tariff on European alcohol.

President Trump has threatened tariffs as high as 200% on European wines, spirits and beer. Janet Shamlian visited a pub in Chicago, where owner Aine O'Brien is concerned about how they could affect business.

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

French Prime Minister François Bayrou said the European Union might have mistakenly targeted American whiskey in response to the United States tariffs. Bayrou called for discussions to avoid further harmful tariffs that could impact the French cognac industry.