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.

President Donald Trump doubled down on his escalating tariff plans. "I'm not going to bend at all," Trump said in the Oval Office during a meeting with NATO Secretary General Mark Rutte. The comments came as major stock indexes continued to tumble,