The president said he would impose the levies if the European Union did not walk back plans to place retaliatory tariffs on whiskey and other U.S. products.

Imported wine and spirits encompass 35% of revenue of all US sales in the alcohol market, meaning that all aspects of cocktails and wines ordered at restaurants or purchased at retailers will “rise significantly” if the tariffs go into effect.

Yahoo Finance will chronicle the latest news and updates on Trump's tariffs — from the threats to the eventual policy.