Markets have been spooked by the emerging trade war and fear it will trigger a recession, with the S&P 500 index entering "correction" territory recent weeks.

The owner of one of France's top Bordeaux wine chateaux hopes U.S. President Donald Trump's threat of 200% tariffs on European wine is just posturing because the impact would be devastating if not. Trump on Thursday threatened to slap a 200% tariff on European wines and other alcoholic products unless the European Union scraps its planned tax on American whiskey.

Industry representatives warned that a 200 percent tax on European wines and spirits would halt shipments to the United States and wipe €4 billion off France’s trade balance.