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

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.

Last week, Donald Trump placed 25 per cent tariffs on all steel and aluminium imports, with the EU promising to retaliate with tariffs on up to €26 billion of US products.