The European Union and United States appear to have entered a full-blown trade war, with Trump and Brussels exchanging tariffs. The EU's former trade commissioner thinks there will be no winners.

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.