#TrumpTariffs

France’s wine and spirits industry expects to lose €1bn should the US go ahead with imposing a 15% import tariff on their products next week, as the European Union makes a last-ditch effort to obtain an exemption, Bloomberg reports.

The levy, due to come into force on 7 August, will likely cut a quarter of France’s annual exports from the sector, the country’s federation of wine and spirit exporters FEVS said in a statement on Friday.

It will also jeopardize the jobs of the 600,000 people directly employed by the industry, they fear.

FEVS President Gabriel Picard said:

“We welcome the efforts already made to try to obtain the exclusion of wines and spirits from this 15% duty.

“The situation cannot remain as it is. It is vital that France and the European Union actively engage with us to very concretely support our sector.”