Rome, August 21 (LaPresse) – “As expected, the new 15% tariff regime has been confirmed for wine; this is a heavy blow for the sector, which is the most exposed among the top 10 Italian product categories exported to the United States, accounting for 24% of total global exports and worth around €2 billion per year. The second half of the year will be very difficult, although we hope that during 'extra time' the parties may reconsider their approach,” said Lamberto Frescobaldi, president of the Unione Italiana Vini (UIV), in response to the EU-US joint declaration on tariffs announced today by European Commissioner for Trade, Maroš Šefčovič, confirming the 15% rate on wine.
According to UIV, "now more than ever, it's crucial to activate an alliance between the Italian wine supply chain and US partners – distributors, importers, and restaurateurs – who are among the first to oppose tariffs in the mutual interest of Italian and American businesses." UIV’s Observatory estimates that the total damage to Italian companies will amount to around €317 million over the next 12 months, while lost profits for overseas trade partners could reach nearly $1.7 billion. The damage could rise to €460 million if the dollar maintains its current level of devaluation.
UIV reports that 76% (equivalent to 366 million bottles) of the 482 million Italian bottles shipped last year to the US fall within the "red zone," with an export exposure exceeding 20% of total shipments. Wine regions with the highest exposure include Moscato d’Asti (60% of exports to the US), Pinot Grigio (48%), Chianti Classico (46%), Tuscan PDO reds (35%), Piedmont reds (31%) and Brunello di Montalcino, followed by Prosecco (27%), Lambrusco, and Montepulciano d’Abruzzo.
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