Watch the video to know more about new tariffs
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Video Credit: Rumble
Your favorite French or Italian wine could soon become more costly!
The Trump administration has proposed a 100% tariff on European wine imports that could double the price of your favorite French or Italian wine.
Wine importers have called the move “catastrophic” and said it would negatively affect the wine industry.
Michael Palazzolo with Woods Wholesale Wine in Grosse Pointe Woods said: “It will start with the importers, then it will hit the distributors, and eventually it will hit us, and then finally by hitting the consumers.”
“It’s tricky situation Champagne, because if you want Champagne, you want real Champagne, it has to come from the Champagne region of France”, he added.
Food & Wine magazine’s executive wine editor, Ray Isle told CBSN: “Those tariffs hit when those wines land at the U.S. port. You are looking at potentially doubling the price of all the wines” imported from Europe.
After France imposed a “Digital Services Tax” on American tech companies such as Google, Amazon, and Apple, the Trump administration proposed a 100% tariff on European wine imports that could double the price of liquors.
Joshua Adler, the owner of Paris Wine Co., said: “Higher tariffs on French wines would be catastrophic to the small businesses that make up the restaurant industry.
Valued at $825 billion in 2019, the restaurant industry is composed primarily of small businesses: for example, 9 in 10 restaurants are small businesses with fewer than 50 employees.”
While the new tariffs will prove to be beneficial for domestic winemakers.
Other European imports including cheese, Italian olive oil, Kerrygold butter, and Scotch whiskey could also double in price under new tariffs.
The new tariffs could go into effect at the end of this month.
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