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.

While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10 percentage points higher than what the president said he would apply to America's largest trading partner in April but lower than his mid-May threat of 50%.

The bloc’s trade commissioner says the two sides were close to a deal before the president last week threatened to impose a 30 percent levy.

Most European markets took a hit as trading resumed in the wake of President Trump's latest tariff threats, and as the EU keeps hoping for a deal.

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

President Donald Trump posted letters to the leaders of Mexico and the European Union, saying they had not done enough to head off the new tariffs.

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.

S&P 500 futures lost 0.5%, while Nasdaq 100 futures dropped 0.6%. Futures for the Dow Jones Industrial Average fell 204 points, or 0.5%.