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

Industry representatives warned that a 200 percent tax on European wines and spirits would halt shipments to the United States and wipe €4 billion off France’s trade balance.

This will be great for the Wine and Champagne businesses in the U.S.," the president proclaimed on Truth Social