After the increased US duties on wine and alcohol from the EU come into force, France’s annual exports in this sector may fall by a quarter, and exporters will lose €1 billion. This is reported by Bloomberg, citing a statement by the President of the Federation of Wine and Spirits Exporters of France (FEVS) Gabriel Pekar.
Pekar also noted that the new duties could leave 600 thousand people currently employed in this industry without work. “The situation cannot remain as it is. It is extremely important that France and the European Union actively cooperate with us to provide concrete support to our sector,” the publication quotes him as saying.
Washington will raise duties on European wines and other alcohol from the current 10% to 15%. Products from this industry are not among the goods that will be exempt from the increased duties. The issue of inclusion in this list will not be discussed until autumn, Reuters reported.
On August 1, President Donald Trump signed an executive order introducing duties on imported goods. The countries in the document are divided into three groups. For each, duties of 10% to 41% are introduced. According to this list, the highest rates will be applied to Syria (41%), Laos, Myanmar (40%), Switzerland (39%), Iraq, Serbia (35%), Algeria, Bosnia and Herzegovina, Libya and South Africa (30%). According to Bloomberg, duties on European alcohol producers will be introduced on August 7.
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