Report: U.S. Tariffs Result In €1 Billion Blow To French Wine And Spirits SectorJanuary 5, 2021
Following last week’s news that the U.S. will add Cognac to its list of tariffed goods from France, the French Federation of Wine and Spirits Exporters (FEVS) says the move will result in significant losses to the French drinks industry. FEVS president Cesar Giron told Reuters that the overall impact of the U.S. tariffs on French wines imposed in October 2019 and the new levies on Cognac effective January 12 will result in a total €1 billion ($123b) hit to France’s wine and spirits sector.
The initial tariffs on French wines had already resulted in a loss of about €600 million ($736m), the FEVS added, with the new tariffs on Cognac dealing a further blow. Cognac has been among the fastest-growing segments of the spirits industry in the U.S., with volume cresting 7 million cases last year for the first time, according to Impact Databank.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
Tagged : Tariffs