Stocks fell on the news, as investors worried that Trump would enact stiffer trade barriers around the world's largest consumer market. Trump's proposed 200 percent tax on European alcohol would create further headwinds for producers like Pernod Ricard, which has already cut its sales outlook due to Chinese duties imposed last year. A Reuters/Ipsos poll released on Wednesday found that 70% of Americans expect Trump's tariffs to make regular purchases more expensive. Trump said his alcohol tariffs would help domestic producers. Eric Faber, president of Cutting Edge Selections, a wine distributor in Cincinnati, said that US wineries would not be able to fill the gap if Trump's proposed tariffs rendered European wines unaffordable.
