Recent news of the US suspending wine tariffs have been welcomed by wine industry experts here in the UK, both for retail and for investment purposes.
US trade officials suspended the added wine import tariffs on certain French, Spanish and German still wines for four months.
The EU has agreed to do the same with its tariffs imposed on US goods, as both sides seek to find a resolution to long-running trade disputes over aid for rival companies Boeing (US) and Airbus (EU).
‘What fantastic news,’ said Ben Aneff, president of the US wine trade alliance that has lobbied against the 25% import levy since its introduction in October 2019.
Tariffs have made wine buyers cautious in recent years.
The 25% tariffs initially targeted French, German, Spanish and English still wines at or below 14% abv.
In fine wine, top-end Burgundy has been hit particularly hard. ‘Grand Cru level wines took the biggest hit, reflecting the direct impact of the tariffs as a percentage of cost,’
If, as now seems possible, the tariffs are abolished, there may be ‘pent-up’ demand in the market leading to a surge in the price of fine wines across the board.
Could now be the perfect time to invest?
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