President Donald Trump on Thursday threatened to impose a massive tariff on European alcohol in response to the European Union’s retaliation against his steel and aluminum tariffs – a tit-for-tat escalation of a trade war that could easily get out of hand.

President Donald Trump isn’t backing down from an all-out trade war, saying he’ll launch new tariffs come April 2.“April 2 is a liberating day for our country, because we’re going to be getting back a lot of the wealth that we so foolishly gave up to other countries,

The Trump administration will give countries a proposed tariff rate based on their own rates, non-tariff trade barriers and other factors.