Yahoo Finance will chronicle the latest news and updates on Trump's tariffs — from the threats to the eventual policy.

In his first term, Trump also targeted the alcohol industry. A series of tit-for-tat tariffs hit alcohol products in the U.S. and the EU. The Biden administration suspended those tariffs, but now the industry is once again in the crosshairs. The industry has still been recovering from that first tariff spat.

It's approaching 16:00 in the London newsroom and midday in Washington. Trump is welcoming Ireland's Prime Minister, the Taoiseach Michéal Martin, at the White House after tariffs of 25% came into effect on all steel and aluminium imports to the US.