President Donald Trump escalated his trade war Tuesday, announcing on Truth Social that he will double the tariffs on steel and aluminum coming from Canada from 25% to 50% in retaliation for new trade restrictions put in place by the province of Ontario this week.

Following Monday's rout on Wall Street, stocks extended their slide after President Trump ramped up his trade war with Canada.

With a new distillery set to open soon, the makers of Brough Brothers bourbon in Kentucky were ready to put their business plan into action. They were looking to ramp up whiskey production to break into lucrative new markets in Canada and Europe.

"It’s extremely frustrating,” said Brough Brothers Distillery CEO Victor Yarbrough, who started the Louisville distilling company with his brothers. “We are collateral damage.”