The U.S. escalated its trade war with Europe this week when it vowed to raise prices on numerous consumer and industrial goods from the continent.
The government on Wednesday announced 25 percent duties on French wine, Scotch and Irish whiskies, and cheeses, as well as a 10 percent tariff on Airbus planes. The aviation company has manufacturing centers in Germany and France, as well as other countries.
In total, the U.S. plans to impose tariffs on $7.5 billion worth of European goods every year. The American government received permission from the World Trade Organization to do so.