Italian wine exports to US 'at standstill' due to tariff fears
MILAN (Reuters) -Italian wine and spirits exports to the United States are stalling due to the uncertainty over possible tariffs that President Donald Trump could impose in the coming weeks, trade group Federvini said on Wednesday.
Trump has threatened to slap a 200% tariff on wine and other alcohol imports from Europe, as part of a developing trade war also involving steel and aluminium products. The White House is expected to make a major tariff announcement on April 2.
"Our members have received requests from importers to suspend shipments, as no one wants to risk bottles being hit by tariffs once they arrive in the U.S.", Federvini's president Micaela Pallini told Reuters.
"After an initial front-loading phase, in which companies tried to anticipate shipments, the market is now at a standstill: importers fear they will find themselves with unsellable stock at uncompetitive prices", she added.
Pallini pointed out that some U.S. restaurants are running out of some bottles, while prices for available stock are increasing.
On Tuesday, Italian prosecco producers said their shipments to the U.S. had been halted due to importers' worries about tariffs, while Wednesday's edition of business paper Il Sole 24 Ore quoted a Tuscan wine producer as saying that his company, Ruffino, had 1 million bottles blocked at the port of Livorno as all U.S. orders for March had been cancelled.
The slowdown comes after Italian sparkling wine exports to the U.S soared in the last half of 2024, in anticipation of the new duties.
The heads of three prosecco trade groups wrote to Italian Agriculture Minister Francesco Lollobrigida saying they risked facing tariff hikes of up to 200%, and urging him to take action at national and European level.
Italian conservative Prime Minister Giorgia Meloni is one of few European leaders friendly with Trump and his administration but it is unclear how far this could benefit Italy, given its strategic ties within Europe.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
US and China are holding trade talks in London after Trump-Xi phone call
LONDON (AP) — High-level delegations from the United States and China are meeting in London on Monday to try and shore up a fragile truce in a trade dispute that has roiled the global economy, A Chinese delegation led by Vice Premier He Lifeng is due to meet U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at an undisclosed location in the city. The talks are due to last at least a day. They follow negotiations in Geneva last month that brought a temporary respite in the trade war. The two countries announced May 12 they had agreed to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession. Since then, the U.S. and China have exchanged angry words over advanced semiconductors that power artificial intelligence, 'rare earths' that are vital to carmakers and other industries, and visas for Chinese students at American universities. President Donald Trump spoke at length with Chinese leader Xi Jinping by phone last Thursday in an attempt to put relations back on track. Trump announced on social media the next day that trade talks would be held on Monday in London. The U.K. government says it is providing the venue and logistics but is not involved in the talks. 'We are a nation that champions free trade and have always been clear that a trade war is in nobody's interests, so we welcome these talks,' the British government said in a statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
28 minutes ago
- CNN
June 8, 2025 - Trump presidency, Los Angeles protest news
• On the ground: Police have used flash-bangs and tear gas while dispersing crowds, with some hitting and pushing protesters while making arrests, CNN witnessed. Protesters set at least two self-driving cars on fire. All of Downtown Los Angeles has been declared an unlawful assembly area. • Troop deployment: About 300 National Guardsmen are on the ground after President Donald Trump called them up to protect federal personnel and property. It's the first time a president has called in the National Guard without a state's request or consent in decades. Also prepared to deploy are 500 Marines. • Trump vs Newsom: California Gov. Gavin Newsom said the state will file a lawsuit against the Trump administration over deployment of the National Guard, which he and LA Mayor Karen Bass have called inflammatory. • Why are there protests? Authorities and demonstrators have clashed for days after dozens of people were detained by immigration agents. Intelligence analysts believe protesters are motivated by several factors, including immigration raids, deployment of the National Guard, and agitators who fit profiles of 'professional rioters.'
CNBC
29 minutes ago
- CNBC
China and U.S. trade officials to hold talks in London
U.S. President Donald Trump's top trade officials are meeting their Chinese counterparts in London on Monday for talks aimed at resolving an ongoing trade dispute between the world's two largest economies. U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are representing the U.S. China's foreign ministry said on Saturday that Vice Premier He Lifeng, Beijing's lead trade negotiator, will be in the U.K. between June 8-13, and that a meeting of the "China-U.S. economic and trade consultation mechanism" would take place. The talks come after Trump last week said that he had held a lengthy phone call with Chinese President Xi Jinping as both look to avert a full-blown trade war. Diplomatic efforts by both sides have ramped up after weeks of heightened trade tension and uncertainty after Trump announced sweeping import tariffs on China and other trading partners in April. Beijing retaliated, and a tit-for-tat escalation in duties ensued before both sides agreed in Geneva in May to temporarily slash duties and facilitate talks. At the time, the U.S. tariff on Chinese imports was cut from 145% to 30% , while China's levies on U.S. imports were lowered from 125% to 10%. China and the U.S. have since repeatedly accused each other of violating the Geneva agreement, with Washington saying Beijing was slow to approve the export of additional critical minerals to the U.S., while China criticized the U.S. imposing new restrictions on Chinese student visas and additional export restrictions on chips. U.S. Press Secretary Karoline Leavitt on Sunday said that the London talks would focus on moving forward with the Geneva agreement, noting the two sides' strategic interests in each other's markets.
