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PARIS (Reuters) – The US move to impose additional tariffs on French wines and cognac, which come on top of a first set of tariffs late last year, will cost the industry more than $ 1 billion euros ($ 1.23 billion), the French federation of wine exporters said Thursday.
The U.S. government on Wednesday announced it would increase tariffs on some European Union products, including wines from France, the latest twist in a 16-year battle over aircraft subsidies between Washington and Brussels.
Washington had already imposed an additional 25% tariffs on French wine in October 2019, among a range of EU food products, which the FEVS said had cost the industry 600 million euros ($ 737 million) over a year.
“The overall impact (of the taxes of October 2019 and those decided on last night) will be more than one billion euros for the entire wine and spirits sector,” Cesar Giron, chairman of the Federation of Wine and Spirits Exporters (FEVS). .
“It’s a real blow in a fight that has nothing to do with us,” he added.
He also said that the impact of the new taxes on sales of cognac in the United States would be “major”.
(1 USD = 0.8142 euros)
Reporting by Sybille de La Hamaide, editing by Sarah White
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