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U.S. President Donald Trump has threatened to impose a 200 percent %Tariff on %Wine and %Champagne from France and other European countries in the latest escalation of a global trade war.

Trump’s latest salvo in his ongoing trade war with much of the world comes after the European Union moved to reinstate a 50% import tax on U.S. whiskey as a countermeasure after America hit European steel and aluminum products with duties of 25%.

“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” wrote Trump on social media, using all-caps.

The European Commission announced that it was retaliating against U.S. tariffs on steel and aluminum by lifting the suspension on previous duties placed on U.S. goods, including whiskey.

“The countermeasures we take today are strong but proportionate,” said Ursula von der Leyen, president of the European Commission, in a news release.

That news hasn’t sat well with Trump, who continues to ratchet up his rhetoric and threats around import tariffs.

The U.S. has now placed tariffs on imports from Canada, Mexico, China, Australia and the entire European Union, escalating a trade war that economists say could lead to a global recession.

The ongoing trade war is also pressuring U.S. equity markets, with all three U.S. indices falling deeper into the red in premarket trading on March 13.

The benchmark S&P 500 index is now close to entering a correction defined as a drop of 10% or more from recent highs.

Trump’s rhetoric is also pressuring U.S. alcohol stocks, with shares of Jack Daniels parent company %BrownForman (NYSE: $BF.B) down 7% this week alone.