President Donald Trump's administration has unveiled plans to tax the European Union (EU) imports, including butter, cheese, pork, and several drink products, including liqueurs, following the World Trade Organization ruling on Wednesday. Famous Irish brands such as Kerrygold butter and Baileys Irish Cream as well as Irish whiskeys made in Northern Ireland and other liquors will be affected.

The new tariffs will take effect from 18 October. The United States Trade Representative's Office released the list of hundreds of European products that will be subjected to new 25 percent tariffs in retaliation for European Union aircraft subsidies.

Experts believe these new taxes will have a highly detrimental impact on the economy of the island of Ireland and smaller craft distillers, particularly for Northern Ireland, as Brexit looms large on the horizon. 

The latest escalation by the Trump administration come be the beginning of a new chapter in the US government's trade wars that have already caused a depression in the world economy, which as stock markets dropped this week, have heightened fears over a global recession. 

Currently, the United States is negotiating a resolution to the high-stake trade war with China, which has been ongoing since 2018.