The EU said Wednesday that it will impose counter-tariffs on $28 billion in U.S. goods to retaliate for 25% tariffs that Trump has imposed.

U.S. President Donald Trump on Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war that has roiled financial markets and raised recession fears.

After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.