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Italy's winemakers warn of pricey stalemate due to tariffs
Italy's winemakers warn of pricey stalemate due to tariffs
Italy's main agricultural lobby, Coldiretti, said on Thursday that wine exports to the United States were being blocked over tariff fears, potentially costing producers six million euros a day.
US President Donald Trump has threatened to impose tariffs of up to 200 percent on European wine and other alcoholic beverages, part of trade wars with the European Union and other key trade partners.
That has left Italian exports at a standstill, with importers in the United States hesitant to risk shipments of wine that will no longer be able to compete on American shelves after any eventual tariffs, Coldiretti said.
"The fear is that cargoes could arrive at their destination when tariffs have already been triggered," it said.
"This has created a stalemate, with importers waiting for signals from the Trump administration before placing orders unless there is a shortage of stock."
Coldiretti estimated that six million euros a day could be lost by Italy's wine producers due to orders on hold, adding that there was also the longer-term threat of losing market share on US shelves.
Italian wine exports to the United States have boomed in recent years, reaching 1.9 billion euros last year, according to the Italian Wine Union .
But Coldiretti warned a 200-percent duty could see these slashed by as much as 70 to 80 percent.
Wines from other countries not affected by the tariffs would fill in the vacuum left by Italian wine, it said.
On Tuesday, wine and spirits federation Federvini estimated that the threatened US tariffs potentially affected nearly 40,000 businesses and 460,0000 workers and their families.
They also threatened the entire production chain, which includes annual exports worth 10 billion euros, it said.
Coldiretti has already warned that higher prices on wine and other Italian food produce from olive oil to cheese due to potential tariffs would also encourage more fake "Made in Italy" products on US shelves.
"Rising prices of 'originals' would lead American consumers to turn to other, cheaper goods, starting with so-called 'Italian fakes'," Coldiretti said last week.
The association estimated that during Trump's first presidency specifically from 2019 to 2020 tariffs imposed on various Italian food products led to a 15-percent drop in Italian exports of fruit, 28 percent for meats and processed fish, 19 percent for jam and 20 percent for liquors.
Wine exports decreased by six percent although they were not initially subject to tariffs, it said.
ams/ar/gil
This article was generated from an automated news agency feed without modifications to text.
