President Trump threatened to impose 200% tariffs on wine and other alcoholic beverages imported from the European Union if the bloc does not remove its tariffs on American whiskey. The announcement, made via social media, was framed as a retaliation against the EU’s planned tariffs on American whiskey, introduced in response to Washington’s duties on steel and aluminium. Bloomberg writes that the statement had immediate repercussions on financial markets, causing significant losses for some of Europe’s leading alcoholic beverage producers. LVMH, owner of brands such as Moët & Chandon and Veuve Clicquot, saw its stock fall by 2.2%, while cognac producer Rémy Cointreau SA suffered a 4.5% decline. Pernod Ricard, a major player in the spirits industry, also experienced a 3.6% drop.
American wine imports in 2024 recorded a slight increase of 0.1% in volume and a 1.6% rise in value, reaching a total of 6.5 billion euros, with an average price of 5.54 dollars per litre. Italy would be among the countries most affected by these tariffs, being one of the leading exporters to the United States. Data from 2024 indicates that Italian wine exports to the US reached 1.93 billion euros, marking a significant 10.2% increase compared to the previous year. The United States remains the largest foreign market for Italian wine, accounting for 29% of the sector’s global sales.
