European Wine and Spirits Face U.S. Tariff Woes

European wine and spirits producers are bracing for an economic hit after a trade agreement between Brussels and Washington imposes a 15% tariff on most imports to the U.S. This is part of a new framework deal that has left industry stakeholders seeking relief in ongoing negotiations.

U.S. tariffs on European wines, currently at 10%, are set to rise, impacting both EU producers and American businesses dependent on the supply chain. With the stronger euro further affecting economics, organizations like CEEV warn of potential investment halts and export declines.

The pressure mounts for both sides to reach a zero-tariff agreement. U.S. Distilled Spirits Council President, Chris Swonger, calls the situation 'utterly exasperating,' underlining the urgency for a swift, mutually beneficial deal post-Joint Statement talks expected this autumn.

(With inputs from agencies.)