President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned 50% tariff on American whiskey. Wine sellers and importers said a tariff of that size would essentially shut down the European wine business in the U.S.

President Trump has ordered global tariffs on imports of steel and aluminum of 25%. After some jockeying, which included threats by the Ontario premier to levy a 25% surcharge on electricity delivered to bordering states in the United States, the premier and Commerce Secretary Lutnick agreed to further discussions on revisions to the USMCA.