French wine producers will lose more than €1 billion due to US duties
The French wine industry expects to lose €1 billion if the United States imposes a 15 percent import tariff on products next week. This was reported on August 1 by the American agency Bloomberg.
"The tax, which is due to take effect on August 7, is likely to reduce a quarter of France's annual exports from the [wine] sector. <...> It will also endanger the jobs of 600,000 people directly employed in the industry," the agency writes, citing a statement by the president of the Federation of Wine and Spirits Exporters of France. (FEVS) by Gabriel Pekar.
Pekar added that the situation "cannot remain as it is." He pointed out the need for the French government and the European Union (EU) to support the wine sector. The agency added that negotiations are continuing on the exclusion of European wines and spirits from the list of goods subject to duties on imports to the United States.
On the same day, US President Donald Trump imposed additional duties on imported goods from the EU and more than 60 other foreign countries. Thus, the highest tariffs were imposed on goods from Laos, Myanmar (40% each) and Syria (41%). Also, goods from countries that have not concluded an agreement with the United States are subject to a duty of 10%.
On July 27, the United States and the European Union agreed on a trade deal. As part of the agreement, the EU agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the United States economy. Bloomberg columnist Simon Nixon pointed out on August 1 that the trade agreement between the United States and the European Union (EU) is an extremely unfavorable deal for Brussels.
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