In his first term, Trump also targeted the alcohol industry. A series of tit-for-tat tariffs hit alcohol products in the U.S. and the EU. The Biden administration suspended those tariffs, but now the industry is once again in the crosshairs. The industry has still been recovering from that first tariff spat.

Recession fears are growing as President Donald Trump is threatening to impose 200 percent tariffs on alcohol from the European Union, sending stocks plunging yet again. "I'm not going to bend at all,

The EU has proposed an American whiskey tariff, in response to steel and aluminum tariffs by the U.S. administration, that is expected to go into effect on April 1.