President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

President Trump is threatening Mexico and the European Union, two of the largest U.S. trading partners, with 30% tariffs starting in August if they don't reach a trade deal with the U.S. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means for U.

President Donald Trump has posted two new letters on his social media platform announcing tariffs on the European Union and Mexico.

President Donald Trump on Saturday threatened duties of 30% on products from Mexico and the European Union, two of America’s biggest trading partners, in an ongoing tariff campaign that’s upended global trade since he retook office in January.

The European Union sent a group of trade officials to Washington on Tuesday, hoping to revive an outline trade agreement with the U.S. after President Trump's letter threatening 30% tariffs. EU trade

Aircraft, machinery, cars, chemicals and medical devices are the leading big-ticket items on the latest list of U.S. goods the European Commission has proposed to impose tariffs on if talks with Washington do not yield an agreement on trade.

President Donald Trump said Tuesday the United States has reached a trade agreement with Indonesia after speaking with the country’s President Prabowo Subianto.