The Reagan administration is threatening to retaliate against some of the favorite food and drinks of American yuppies -- white wine, imported beer, cheese and Perrier water -- as part of its response to the European Community's restriction on U.S. farm sales.

Along with a handful of other European products, gourmet treats were suggested by the Office of the U.S. Trade Representative as targets for either quotas or higher tariffs to make up for EC restrictions that will hurt about $1 billion worth of U.S. farm sales in Spain and Portugal.

The retaliatory actions are aimed at reducing sales in the United States of European products to make up for the loss of U.S. sales in the Common Market because of the EC quotas and tariffs. But they also are likely to increase the cost of the products to American buyers.

Most of the products targeted for retaliation are foodstuffs and span the range of items sold by the EC, which placed restrictions on farm products such as soybeans and grain when Spain and Portugal joined the Common Market.

Among other products considered for trade retaliation by the United States are frog legs, olives and endive. Among the cheeses facing restriction are Parmesan and Romano -- used with pasta, a favorite of yuppies. Brie, the symbol of upwardly mobile appetites, is not on the list.