Trumps's wine tariffs could pop the champagne bubble

The news cycle regarding tariffs is giving me flashbacks to my teenage history lessons, stirring memories about the repeal of the Corn Law and WE Gladstone’s subsequent budgets that removed nearly all protectionist regulations – Mr Bromfield, if you’re reading this, I hope you’re impressed.

- R O S A M U N D H A L L

Whilst economics is not my strength, I am aware that most economists assert that free trade is generally regarded as a good thing: more choice for consumers, competitive pricing and greater economic growth. Donald Trump obviously hasn’t got that memo.

You might be wondering what a wine writer is doing wading into this murky water of tariffs – well, so am I, but it’s because of one thing: the threat of tariffs on booze from the EU. Normally I’m writing about my despair at our own country's approach to alcohol taxation, but Trump is rather stealing the headline on pretty much everything, so it might as well include this too.

On Thursday, the US president threatened to impose 200 per cent tariffs on wine, including champagne and spirits from the EU. This came in response to the launching by the EU of a series of countermeasures “to protect European businesses, workers and consumers from the impact of these unjustified trade restrictions”, which were a response to the United States imposing tariffs of up to 25 per cent on imports of steel, and certain products containing steel and aluminium from the European Union and other trading partners.

Not one to mince his words, Trump declared the European Union to be “one of the most hostile and abusive taxing and tariffing authorities in the world, which was formed for the sole purpose of taking advantage of the United States”. Spoken like a true narcissist, I mean, best not to point out that it was