Trump, vowed a new escalation in his trade war if the EU goes forward with the planned 50% tax on American whiskey.

Shares of Jack Daniels maker Brown-Forman fell 7% Wednesday on news that the European Union would move forward with a 50% tariff on American whiskey in an escalating global trade war. The

President 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.The European import tax, which was unveiled in response to steel and aluminum tariffs by the U.

The European Union plans to establish countermeasures in April that apply to products ranging from boats to bourbon.