EU-US Trade Deal: Spirits Duty-Free, Wine Duties Under Negotiation
The EU and US have solidified a trade deal ensuring duty-free trade in spirits, but wine tariffs remain undecided. The French Wine and Spirits Federation urges action for duty reductions, highlighting potential job losses and economic impacts if tariffs increase.
The French Wine and Spirits Exporters' Federation (FEVS) announced that the recently finalized trade deal between the European Union and the United States will likely secure duty-free trade for spirits. The agreement represents a significant relief for the sector as U.S. duties on EU spirits had provisionally been set at 10% since April.
While the situation for spirits looks promising, not all aspects regarding wine tariffs have been finalized. The FEVS is urging the European Commission and France to take action in reducing customs duties on wines. This move is crucial to avoid potential economic fallout, with job losses and substantial financial impacts at stake.
The deal, unveiled on Sunday, involves the U.S. imposing a 15% import tariff on most EU goods from next month. However, this accord protects key industries like cars and pharmaceuticals. The next few days remain pivotal as the sector awaits confirmation and further developments in official documentation.
(With inputs from agencies.)
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