French media reported that Bordeaux Wine Association (CIVB) President Farges said on June 6 that the suspension of U.S. tariffs on European wines is "good news" for the wine industry." This will allow us to regain market share in the United States." .
Image from: European Times
Industry insiders say that Bordeaux wine suffered a loss of 100 million euros in sales in 2020 due to U.S. taxes, and the entire French wine industry lost 400 million euros in sales.
5, European Commission President von der Leyen and U.S. President Joe Biden spoke by phone as the U.S. announced a moratorium on European tariffs. in October 2019, the U.S. imposed taxes on nearly $7.5 billion in annual imports of European goods and services, including 25 percent of wine.