President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

A second tranche of retaliatory tariffs under consideration by the European Union would hit more than $7 billion in annual U.S. ag exports, according to a copy of a list obtained by Agri-Pulse.

The European Union has finalized a second list of countermeasures to target U.S. goods worth $84 billion, including Boeing Co. aircraft, automobiles and bourbon, if it decides to retaliate against Donald Trump's tariff policy.

America’s biggest trading partner and the world’s largest trading bloc — had been scheduled to impose ″countermeasures″ starting Monday at midnight Brussels time.

The EU – the United States' biggest trading partner – had been scheduled to impose "countermeasures" starting Monday at midnight in Brussels

The European Union is prepared to unleash a €21bn (£18.2bn) retaliation against Donald Trump after the US president announced new tariffs, Italy has said. The euro has fallen and European stocks are on track to open lower after Mr Trump on Saturday said he would impose a 30pc tariff on imports from Mexico and the EU from August 1.

The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month.

Trump’s renewed focus on tariffs has provided a difficult backdrop for attempts to reach an outline agreement between the EU and the US, which would provide the basis for future talks. It would also, for now at least, remove the threat of a wider transatlantic trade war.