Tariffs, including the 15% rate for most imports from the EU, would raise consumer prices by 1.8% in the short run, according to the Yale Budget Lab.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers.

Back in May, the U.S. Court of International Trade ruled that Trump overstepped his bounds by using IEEPA to apply tariffs. Just a day later, the decision was paused and tariffs were back on. The lawsuit was brought by a wine importer called V.O.S. Selections and four other small businesses. Analysts expect the case to reach the Supreme Court.

Balancing economic interests and security concerns, European officials said they got the best deal possible with Trump, but critics said Brussels ceded to pressure.

Some European politicians are dismayed that the European Union did not drive a harder bargain, but facing the threat of a damaging trade war, officials say they had little choice.

WASHINGTON (AP) — President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.

On Thursday, President Donald Trump threatened to place a 200% tariff on alcoholic beverages from Europe— including wine, champagne and spirits — after the European Union imposed a 50% tariff ...

WASHINGTON — President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.

U.S. President Donald Trump will make his trade deal decisions this week even as separate negotiations with China and the European Union continue, U.S. Commerce chief Howard Lutnick said on Tuesday ahead of Trump's self-imposed Aug.