Italy's Wine Exports at Risk Amid New U.S. Tariffs

Italian wine producers are grappling with new obstacles after wine and spirits were omitted from the U.S.-EU trade agreement secured over the weekend. The recent deal, which imposed a 15% tariff on various European goods entering the U.S., has left the wine industry seeking exemptions.

Valpolicella winemakers, in particular, are voicing concerns about tariffs exacerbated by a surging euro and decreasing dollar, which could compound export struggles. Andrea Sartori from the historic Sartori winery highlighted the precarious situation, stating that economic downturns typically hinder wine consumption significantly.

With exports to the U.S. generating significant revenue, the imposition of new tariffs could lead to substantial financial losses. Lamberto Frescobaldi cautioned that a 15% tariff could cost the industry millions, while Italian producers face a sluggish domestic economy, challenging their resilience further.

(With inputs from agencies.)