French Exporters’ Federation Says New US Taxes on Wine to Cost Industry $1.2Bln

MOSCOW (Sputnik) – Higher US tariffs on French wine imports will doubtless price the sector an additional $1.2 billion subsequent yr, the Federation of Exporters of French Wines and Spirits (FEVS) mentioned Thursday.

The Office of the US Trade Representative mentioned Wednesday it will alter tariffs on sure manufacturers of wine and cognac from France and Germany in retaliation for $4 billion value of duties that the European Union imposed on US items in September. The tariffs will take impact on 12 January.

The exporters’ union mentioned it had paid an extra 600 million euros in tariffs between November 2019 and October 2020. FEVS mentioned it had referred to as on the French and European authorities to have interaction instantly in talks with the incoming US administration to treatment the state of affairs.

The European Commission mentioned Thursday it regretted the US transfer to hike import tariffs on an array of merchandise from France and Germany and would have interaction in talks to discover a lasting answer to their row.

The European Union’s government arm warned that the US determination to add additional merchandise to its retaliation record within the case involving EU subsidies to plane maker Airbus “unilaterally disrupts” the continuing talks.

The US Office of the US Trade Representative mentioned on Wednesday that tariffs can be adjusted to compensate for the “unfairness” of $4 billion value of tariffs that the EU imposed on US merchandise in September.

The merchandise topic to the brand new tariffs, which take impact on 12 January, embrace plane manufacturing elements, sure non-sparkling wine and sure cognac and different grape brandies. All merchandise come from France and Germany.

Sourse: sputniknews.com

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