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.

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

Industry representatives warned that a 200 percent tax on European wines and spirits would halt shipments to the United States and wipe €4 billion off France’s trade balance.