US wine industry fears ‘Armageddon of costs’ from tariffs on French imports

8th January 2020 / NewsBits
  • US consumers, companies and workers will pay the biggest price for proposed 100% tariffs on French Champagne and other sparkling wines, cheese, porcelain, enamel cookware and handbags, witnesses told the US government on Tuesday (7 January).
  • The US Trade Representative’s office last month proposed punitive duties on $2.4 billion in imports from France of sparkling wines and other goods after concluding that a new French digital services tax would harm US companies.
  • Those tariffs would come on top of 25% tariffs already imposed on a wide range of European imports, including Airbus jets, European cheeses, wines and other products in a dispute with the European Union over aircraft subsidies. Washington last month said it could raise those tariffs to 100% and subject additional EU products to the tariffs unless a settlement was reached.
  • President Donald Trump views tariffs as his best tool in disputes with countries such as France and China and insists they will pay the cost of such duties, but economists say tariffs are borne mainly by importers and ultimately, consumers.

Source: EUactiv



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