Economy

French wine faces a record 200% duty in the US: full list of tariffs from Trump

Today, March 14, US stock markets suffered a significant drop after US President Donald Trump threatened to impose a 200 percent duty on French wines and spirits. This was reported by Komersant ukrainskyi with reference to The Telegraph.

Thus, the S&P 500 index lost 1.4%, and the tech-oriented Nasdaq Composite ended trading down 2%, continuing this week’s significant losses. The Dow Jones Industrial Average was down 1.3% as the US tariff war heightened concerns about a possible economic downturn in the country.

“The mood is terrible. Every day there are new headlines about tariffs, and this puts pressure on the markets. This is most acutely felt in the most sensitive sectors of the market, such as the rather bloated Big Seven,”

– said Mike Dixon, head of research at Horizon Investments.

The S&P 500 closed 10.1% below its record high of February 19, confirming that the leading US index has been in an official market correction since then.

The stock market’s decline came after the US President threatened to impose a 200 percent duty on French wines and champagne in response to the EU’s decision to impose a “sneaky” levy on American whiskey.

The US president said he would impose a duty on all wines, champagnes and spirits from France and the EU if Brussels does not “immediately” cancel its fee.

In a post on Truth Social, Trump (who does not drink alcohol) said:

“The European Union, one of the most hostile taxing bodies in the world, created solely to take advantage of the United States, has just imposed a sneaky 50 percent tariff on whiskey. If this tariff is not immediately canceled, the US will soon impose a 200 percent duty on all wines, champagnes and spirits from France and other EU countries. This will be great for the US wine and champagne industry.”

Trump’s son, Eric, is one of those who could potentially benefit from this as the owner of Trump Winery in Charlottesville, Virginia.

Shortly after Trump’s post, U.S. Secretary of Commerce Howard Luthnick said that the U.S. was going to

“to teach the rest of the world respect”.

Tariffs from the EU, Canada and the UK

The EU and Canada have announced retaliatory tariffs on U.S. goods, including bourbon, as “countermeasures” to Washington’s 25 percent duty on steel and aluminum, which went into effect on Wednesday.

Announcing the tariffs, which will take effect on April 13, European Commission President Ursula von der Leyen said:

“We deeply regret this measure… tariffs are bad for business and even worse for consumers. The European Union must act to protect consumers and businesses. The countermeasures we have taken today are strong but proportionate.”

Jonathan Reynolds, the UK’s business minister, did not rule out the introduction of tariffs on Elon Musk’s Tesla in response to Trump’s global metal tariffs.

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Trump’s trade wars

Donald Trump’s administration has imposed trade restrictions on China, Mexico and Canada, the three largest trading partners of the United States. The US government imposed an import duty of 25% of the value of goods from Canada and Mexico, and a 20% duty on goods from China. An additional duty is imposed on Canadian energy products.

These measures have caused concern among U.S. companies that depend on metals imports from Canada and Mexico. They are expected to look for alternative sources of supply, in particular in the Middle East, India, Chile, and Peru, which could lead to higher prices for aluminum and copper in the United States.

In addition, Canadian consumers reacted to the imposition of duties by boycotting American goods, canceling trips to the United States and refusing to buy American alcohol.

Economists warn that such trade disputes could slow global economic growth and cause inflation. Stock markets in the Gulf countries earlier reacted with a decline due to fears of a possible trade conflict. The cryptocurrency market also collapsed earlier.

All the tariffs imposed by Trump in 2025

1. Tariffs on steel and aluminum

• Announced: february 10, 2025.
• Entered into force: march 12, 2025.
• Rate: 25% on all imported steel and aluminum products.
• Additional: Trump said that all duty-free steel products must be “melted and cast” in the United States, and aluminum products must be “smelted and cast.”

2. Tariffs on Chinese goods

• Announced: february 1, 2025.
• Entered into force: february 4, 2025 (10%), March 4, 2025 (increased to 20%).
• Rate: 20% on all Chinese goods.

3. Tariffs on goods from Canada

• Announced: february 1, 2025.
• Entered into force: march 4, 2025.
• Rate: 25% on all Canadian goods (exception: 10% on energy).
• Adjustments: on March 6, tariffs on USMCA-compliant goods were postponed until April 2, 2025.

4. Tariffs on goods from Mexico

• Announced: february 1, 2025.
• Entered into force: march 4, 2025.
• Rate: 25% on all Mexican goods.
• Adjustments: on March 6, tariffs on USMCA-compliant goods were postponed until April 2, 2025.

5. Tariffs on Canadian oil, gas and potash fertilizers (potash)

• Announced: february 1, 2025.
• Entered into force: march 4, 2025.
• Rate: 10%.
• Adjustments: on March 6, the potash tariff was reduced to 10% and all energy tariffs were postponed until April 2, 2025.

6. De minimis suspension for China, Mexico and Canada

• Announced: February 2025.
• Action: Duty exemptions on low-value imported goods are temporarily canceled.
• Adjustments: on February 7, 2025, Trump reinstated the exemptions.

7. Plan to implement “recycle tariffs”

• Announced: february 13, 2025
• Expected launch: april 2, 2025
• What it means: calculation of duties based on the trade balance and tax rates of the US partners

8. Tariffs on copper

• Announced: march 12, 2025.
• Expected implementation: in the nearest future.

9. Threats of tariffs on the EU

• Announced: february 2, 2025.
• Expected implementation: uncertain.
• Possible measures: 200% tariff on alcohol from the EU.

10. Investigation into Canadian timber

• Announced: march 1, 2025.
• Possibility of imposing tariffs due to the threat to US national security.

Tariffs of other countries in response to Trump’s policy

Canada

First round of tariffs

• Announced: february 1, 2025.
• Entered into force: march 4, 2025.
• Rate: 25%.
• Amount: uSD 20.8 billion. U.S. dollars (C$30 billion).
• Adjustments: on March 6, Canada postponed the expansion of tariffs to 86 billion dollars. The tariffs were postponed to USD 86 billion (CAD 125 billion).

Second round of tariffs

• Announced: march 12, 2025.
• Entered into force: march 13, 2025.
• Rate: 25%.
• Amount: uSD 20.6 billion. USD (29.8 billion Canadian dollars).
• Main products: steel, aluminum, industrial and agricultural products.

China

First round of tariffs

• Announced: february 1, 2025.
• Entered into force: february 4, 2025.
• Rate:
  • 15% on coal and liquefied natural gas.
  • 10% on oil and agricultural machinery.
• Additional measures:
  • Restrictions on exports of certain metals (including tungsten).
  • Adding PVH Corp. and Illumina to the list of unreliable entities.
  • Antitrust investigation against Google.

The second round of tariffs

• Announced: march 4, 2025.
• Entered into force: march 10, 2025.
• Rate:
  • 15% on chicken, wheat, corn and cotton.
  • 10% on sorghum, soybeans, pork, beef, seafood, vegetables, fruits and dairy products.
• Additional measures:
  • Suspension of imports of American timber.
  • Revocation of soybean import licenses for three US companies.

European Union

The first stage of tariffs

• Announced: march 12, 2025.
• Expected implementation: april 1, 2025.
• Rate: not specified.
• Amount: eUR 4.5 billion.
• Main products: consumer goods from the United States.

Second phase of tariffs

• Expected implementation: mid-April 2025.
• Amount: 18 billion euros.
• Main products: steel, aluminum, household appliances, wood, poultry, beef and other food products.

Additional events

• march 13, 2025: The EU announced a 50% tariff on American whiskey.
• Trump responded by threatening a 200% tariff on alcohol from the EU.

Colombia

• Announced: january 26, 2025.
• Rate: 25%.
• Reason: a dispute over the deportation of Colombian citizens from the United States.
• Result: The Colombian government agreed to accept the deportees and the escalation of tariffs was stopped.

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