Tariff Talk

The holiday bubbly has been drunk, and there is time to stock up for Valentine’s Day as fans of wine, for the second time in a year, are under the threat of a 100% tariff on their corked beverage of choice. Out of frustration with French President Emmanuel Macron, President Trump has threatened to levy a tariff against bubbly and other French wines.

A 100% tariff on French wines, 10% on EU nations, and 25% on all countries doing business with Iran for February 1? All have been spoken and/or shared on social media. None have materialized into an executive order; or, more importantly…a notice in the Federal Register or formal guidance from U.S. Customs and Border Protection.

The weapon of choice, tariffs, is back front and center with the Trump administration early in 2026. France and other EU nations are under fire for not turning over rights to Greenland to the U.S. to aid in national security. The EU has retaliated by stating it is suspending its ratification of the trade deal with the U.S. The European Commission has also identified tariffs that could be put in place as retaliation. The 25% Iranian tariff is a direct aim at China and India in an effort to pressure Iran during anti-government protests.

Each potential tariff is expressed as being due to national security concerns and would be issued under IEEPA (International Economic Emergency Powers Act); the same act under scrutiny with the U.S. Supreme Court as it weighs the legality of “reciprocal” and other 2025 tariffs. These last days of January will be key to seeing the landscape of tariffs in 2026.