Stew Leonard's wine and spirits president Blake Leonard said consumers are stocking up as President Trump threatens to impose a 200% tariff on European alcohol.

The European Union said it will impose retaliatory tariffs worth $28 billion on U.S. industrial and agricultural goods, following the Trump Administration's decision to raise tariffs on steel and aluminum imports to 25 percent. The EU tariffs will take effect on April 1 and be fully implemented by mid-month.