MOSCOW (Pakistan Point News / Sputnik - 31st December, 2020) Higher US tariffs on French wine imports will likely cost the sector an extra $1.2 billion next year, the Federation of Exporters of French Wines and Spirits (FEVS) said Thursday.
The Office of the US Trade Representative said Wednesday it would adjust tariffs on certain brands of wine and cognac from France and Germany in retaliation for $4 billion worth of duties that the European Union imposed on US goods in September. The tariffs will take effect on January 12.
"If the situation does not change, FEVS estimates a potential loss in the coming year at more than a billion Euros [$1.2 billion]," it said in a statement.
The exporters' union said it had paid an additional 600 million euros in tariffs between November 2019 and October 2020. FEVS said it had called on the French and European authorities to engage immediately in talks with the incoming US administration to remedy the situation.
