President Donald Trump on Thursday threatened a 200% tariff on champagne and other alcohol products from the European Union, escalating a global trade war that has roiled markets and stoked recession fears.

President Trump accused the EU of being “one of the most hostile and abusive taxing and tariffing authorities in the World."

The president said he would impose the levies if the European Union does not walk back plans to slap retaliatory tariffs on whiskey and other U.S. products.