According to Bloomberg, the notice published by the U.S. Trade Representative (USTR) says that U.S. wants to impose new tariffs on European exports like olives, beer, gin and trucks, while increasing duties on products including aircrafts, cheese and yogurt.
The U.S. is also looking to target European luxury goods and this it could hammer European luxury brands like Givenchy and Hermes, which produce leather goods, and Remy Cointreau and Pernod Ricard, which make cognac and champagne. LVMH Moet Hennessy Louis Vuitton would be particularly vulnerable because it produces a wide array of these products.
The notice also makes mention to the 15-year-old World Trade Organization (WTO) aircraft subsidy fight between the U.S. and the EU.
Bloomberg notes that the latest USTR notice is a reminder that the U.S.’s tariff targets may shift or be subject to higher levies - a strategy that spreads the sanctions pain across an array of industries, creating uncertainty for businesses and headaches for exporters and importers alike.