President Donald Trump suggested on Thursday he is eager to further escalate his trade wars, claiming the entire world is "ripping off" the U.S.
"The U.S. doesn't have Free Trade. We have "Stupid Trade." The Entire World is RIPPING US OFF!!!" Trump said in a publication on his social media platform. Truth Social.
The publication followed a threat to impose 200% tariffs on alcohol coming from the European Union in response to the region's retaliatory 50% tariffs on U.S. whiskey. He also called the E.U. impose 200% tariffs on alcohol coming from the European Union in response to the region's retaliatory 50% tariffs on U.S. whiskey.
"The European Union, one of the most hostile and abusive taxing and tariffing authorities in the World, which was formed for the sole purpose of taking advantage of the United States, has just put a nasty 50% Tariff on whisky," Trump wrote on Truth Social. "If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all wines, champagnes, & alcoholic products coming out of France and other E.U. represented countries. This will be great for the Wine and Champagne businesses in the U.S."
The U.S. remains the world's largest importer of both wine and champagne, with the former comprising $4.9 billion in annual sales and the latter more than $1.7 billion. Meanwhile, U.S. exports of wine rank fifth among all nations at about $1 billion, while its exports of champagne and sparkling wine total just about $67 million, 12th in the world.
Trump also quoted on his account Grant Cardone of Cardone Capital, on Stuart Varney & Co., who said "Canada needs America, America does not need Canada," seemingly in reference to reciprocal tariffs imposed by the countries this week.
Trump's sweeping 25 percent tariffs on all steel and aluminum imports came into effect Wednesday, prompting immediate retaliation. The EU swiftly unveiled counter-tariffs hitting about $28 billion of US goods in stages from April, while Canada announced additional levies on $20.7 billion of American products. Ottawa had previously imposed 25 percent tariffs on $20.8 billion of American goods in response to U.S. tariffs on certain Canadian imports.
Canadian Foreign Minister Melanie Joly said she intends to raise the issue in "every single meeting" at the G7, which started on Thursday in the country.
Secretary of State Marco Rubio, on his end, said he expected his counterparts from Britain, Canada, France, Germany, Italy and Japan to set aside any frustration over Trump's trade policies to work on shared goals.
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