It could be any of:
PG
VG
particular flavorings
Different people have sensitivities to any of the above, unfortunately, same as sensitivity to PG or flavorings used in other products.
To isolate it you could try a 100% PG eliquid, a 100% VG eliquid (or just vape a little Glycerin USP Skin Protectant, $5 for 6 ounces at a rite aid or CVS, cut with a little distilled water -- it's near the bandaids, a clear, squat, bottle, and ingredients should only state glycerin 99.5%), an another mixed eliquid, but with different flavorings.
Some people end up not being able to handle more than a couple % of either PG or VG (usually sensitive to just one of those two), or have to avoid certain flavorings (and/or some just have to use eliquids made with organic flavorings).
If you are absolutely new to vaping, part of it could also just be technique. For vaping, try to do a first partial inhale, into just the mouth and throat, then finish inhaling plain air. Kind of like cigs,, your body wiwll adapt to inhaling eliquid vapor, just like when you first smoked you likely coughed.