Shares of U.S. spirits distillers slid in late trading amid reports that President Trump is pushing for a 15%–20% baseline tariff on imports from the European Union. Faced with the possibility of reciprocal tariffs on American exports of wine,

VERZENAY (Reuters) -Champagne producers in northeastern France need to find new markets after U.S. President Donald Trump threatened 30% tariffs on EU exports, the chairman of a French industry group said, suggesting Brazil, Southeast Asia and South Africa as options.

The EU has reverted to offering the US tit-for-tat tariff reductions on cars, with negotiators abandoning the idea of a complex “netting mechanism” first proposed by German carmakers.

EU trade ministers have agreed that U.S. President Donald Trump’s 30% tariffs announced on the European Union are “absolutely unacceptable,” and they are studying a new set of countermeasures to respond to the move.

Wall Street's main indexes dipped on Friday, after a Financial Times report indicated U.S. President Donald Trump was pushing for steep new tariffs on European Union products.

President Trump on Wednesday said he would be sending letters to over 150 countries as he plans a barrage of duties to take effect Aug. 1, including levies on pharmaceutical imports and semiconductors.

While some evidence shows tariffs are pushing up prices for consumers, the economy appears to be mostly healthy.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.