Latest news with #Luchetti
Yahoo
06-04-2025
- Business
- Yahoo
Trump's 20% tariff clouds future of Italian wines in US
By Sara Rossi VERONA, Italy (Reuters) - The outlook for Prosecco, Brunello di Montalcino and other Italian wines in the United States is increasingly gloomy, producers and importers said, following President Donald Trump's imposition of a 20% tariff on European imports. Italy exports more wine to the U.S. than any other country. Last year, it sold 2 billion euros ($2.2 billion) worth of wines, spirits and vinegars in the U.S. market, a quarter of its total worldwide exports, according to trade group Federvini. Italian producers and U.S. importers gathered at a wine fair in Verona, in the north-eastern Veneto region this weekend, said business had already been hit by the fear of U.S. tariffs and things could only get worse as they come fully into effect. Under the announced levies, Italian wine revenues would fall by some 323 million euros per year, said Lamberto Frescobaldi, chairman of the Italian Wine Union lobby. Wine traders and producers are pinning their hopes on a deal between Europe and the U.S. to scrap or reduce the tariffs. "Hopefully, the EU will not retaliate - a trade war would be difficult to navigate," Simone Luchetti, president of U.S. importer Banville, told Reuters at the Vinitaly fair in Verona. While the sector was spared the 200% tariff Trump had threatened to impose, it remains a threat if European counter-measures target U.S. spirits, such as bourbon whiskey. CONSUMPTION TO PLUNGE Luchetti - who imports Brunello, Amarone, Prosecco and Barolo among others - estimated a 25-35% drop in U.S. consumption and in Banville's revenues under current tariffs. Other importers warned that some wine brands would disappear from the U.S. market as consumers looked for cheaper bottles. "If the price of a wine increases, consumers will probably leave that brand. They will rather stay within their preferred price range," said Charles Lazzara, founder of U.S. buyer Volio Imports. Under the announced levies the cost of a bottle of mid-range Prosecco, Lazzara said, would rise from $10.99 to $12.99 in U.S. shops. Luchetti echoed those concerns. "It will probably become difficult to sell Prosecco bottles which today cost $14-18 because their price will rise to $20," Luchetti said. The U.S. tariffs also worried Italian producer Marilisa Allegrini, founder of the Marilisa Allegrini Group, which produces 840,000 bottles per year, including Brunello di Montalcino, Bolgheri, Valpolicella and Amarone. "Wine consumption in the U.S. was already in crisis, and tariffs have hit it further," she said. Some Italian producers, however, were more upbeat, saying U.S. drinkers love Italian wines and are unlikely to replace them with cheaper alternatives, despite the tariffs. "Prosecco can only be produced in Italy, especially in Veneto - it can't be replaced!" said Giancarlo Moretti-Polegato, owner of Villa Sandi, a prosecco producer based in the hills of Montebelluna, in the Veneto region.($1 = 0.9059 euros)
Yahoo
06-04-2025
- Business
- Yahoo
Trump's 20% tariff clouds future of Italian wines in US
By Sara Rossi VERONA, Italy (Reuters) - The outlook for Prosecco, Brunello di Montalcino and other Italian wines in the United States is increasingly gloomy, producers and importers said, following President Donald Trump's imposition of a 20% tariff on European imports. Italy exports more wine to the U.S. than any other country. Last year, it sold 2 billion euros ($2.2 billion) worth of wines, spirits and vinegars in the U.S. market, a quarter of its total worldwide exports, according to trade group Federvini. Italian producers and U.S. importers gathered at a wine fair in Verona, in the north-eastern Veneto region this weekend, said business had already been hit by the fear of U.S. tariffs and things could only get worse as they come fully into effect. Under the announced levies, Italian wine revenues would fall by some 323 million euros per year, said Lamberto Frescobaldi, chairman of the Italian Wine Union lobby. Wine traders and producers are pinning their hopes on a deal between Europe and the U.S. to scrap or reduce the tariffs. "Hopefully, the EU will not retaliate - a trade war would be difficult to navigate," Simone Luchetti, president of U.S. importer Banville, told Reuters at the Vinitaly fair in Verona. While the sector was spared the 200% tariff Trump had threatened to impose, it remains a threat if European counter-measures target U.S. spirits, such as bourbon whiskey. CONSUMPTION TO PLUNGE Luchetti - who imports Brunello, Amarone, Prosecco and Barolo among others - estimated a 25-35% drop in U.S. consumption and in Banville's revenues under current tariffs. Other importers warned that some wine brands would disappear from the U.S. market as consumers looked for cheaper bottles. "If the price of a wine increases, consumers will probably leave that brand. They will rather stay within their preferred price range," said Charles Lazzara, founder of U.S. buyer Volio Imports. Under the announced levies the cost of a bottle of mid-range Prosecco, Lazzara said, would rise from $10.99 to $12.99 in U.S. shops. Luchetti echoed those concerns. "It will probably become difficult to sell Prosecco bottles which today cost $14-18 because their price will rise to $20," Luchetti said. The U.S. tariffs also worried Italian producer Marilisa Allegrini, founder of the Marilisa Allegrini Group, which produces 840,000 bottles per year, including Brunello di Montalcino, Bolgheri, Valpolicella and Amarone. "Wine consumption in the U.S. was already in crisis, and tariffs have hit it further," she said. Some Italian producers, however, were more upbeat, saying U.S. drinkers love Italian wines and are unlikely to replace them with cheaper alternatives, despite the tariffs. "Prosecco can only be produced in Italy, especially in Veneto - it can't be replaced!" said Giancarlo Moretti-Polegato, owner of Villa Sandi, a prosecco producer based in the hills of Montebelluna, in the Veneto region.($1 = 0.9059 euros)
Reuters
06-04-2025
- Business
- Reuters
Trump's 20% tariff clouds future of Italian wines in US
VERONA, Italy, April 6 (Reuters) - The outlook for Prosecco, Brunello di Montalcino and other Italian wines in the United States is increasingly gloomy, producers and importers said, following President Donald Trump's imposition of a 20% tariff on European imports. Italy exports more wine to the U.S. than any other country. Last year, it sold 2 billion euros ($2.2 billion) worth of wines, spirits and vinegars in the U.S. market, a quarter of its total worldwide exports, according to trade group Federvini. Italian producers and U.S. importers gathered at a wine fair in Verona, in the north-eastern Veneto region this weekend, said business had already been hit by the fear of U.S. tariffs and things could only get worse as they come fully into effect. Under the announced levies, Italian wine revenues would fall by some 323 million euros per year, said Lamberto Frescobaldi, chairman of the Italian Wine Union lobby. Wine traders and producers are pinning their hopes on a deal between Europe and the U.S. to scrap or reduce the tariffs. "Hopefully, the EU will not retaliate - a trade war would be difficult to navigate," Simone Luchetti, president of U.S. importer Banville, told Reuters at the Vinitaly fair in Verona. While the sector was spared the 200% tariff Trump had threatened to impose, it remains a threat if European counter-measures target U.S. spirits, such as bourbon whiskey. CONSUMPTION TO PLUNGE Luchetti - who imports Brunello, Amarone, Prosecco and Barolo among others - estimated a 25-35% drop in U.S. consumption and in Banville's revenues under current tariffs. Other importers warned that some wine brands would disappear from the U.S. market as consumers looked for cheaper bottles. "If the price of a wine increases, consumers will probably leave that brand. They will rather stay within their preferred price range," said Charles Lazzara, founder of U.S. buyer Volio Imports. Under the announced levies the cost of a bottle of mid-range Prosecco, Lazzara said, would rise from $10.99 to $12.99 in U.S. shops. Luchetti echoed those concerns. "It will probably become difficult to sell Prosecco bottles which today cost $14-18 because their price will rise to $20," Luchetti said. The U.S. tariffs also worried Italian producer Marilisa Allegrini, founder of the Marilisa Allegrini Group, which produces 840,000 bottles per year, including Brunello di Montalcino, Bolgheri, Valpolicella and Amarone. "Wine consumption in the U.S. was already in crisis, and tariffs have hit it further," she said. Some Italian producers, however, were more upbeat, saying U.S. drinkers love Italian wines and are unlikely to replace them with cheaper alternatives, despite the tariffs. "Prosecco can only be produced in Italy, especially in Veneto - it can't be replaced!" said Giancarlo Moretti-Polegato, owner of Villa Sandi, a prosecco producer based in the hills of Montebelluna, in the Veneto region. ($1 = 0.9059 euros)
Ya Biladi
18-03-2025
- Entertainment
- Ya Biladi
Tetouan : Mediterranean Film Festival marks 30 years with Luchetti & El Moudir
The 30th Tetouan Mediterranean Film Festival will take place from April 26 to May 3, 2025, celebrating three decades of showcasing Mediterranean cinema. For this anniversary edition, the city's iconic cultural venues will host the festival, «offering film enthusiasts and professionals a privileged setting», announced the organizing association, Friends of Tetouan Cinema (ACT). This year, 10 feature-length fiction and documentary films from Mediterranean countries will compete for several awards. «The official jury will present the Grand Prize of the City of Tetouan 'Tamouda,' as well as the Mohamed Reggab Prize (Special Jury Prize), the Azzeddine Meddour Prize for a first work, and the Best Actress and Actor awards», the statement added. Italian director Daniele Luchetti will preside over the jury for feature-length fiction and documentary films. A major figure in contemporary cinema, Luchetti has explored family, social, and political dynamics for over three decades, balancing drama and comedy. He has collaborated with prominent actors such as Elio Germano, Laura Morante, and Riccardo Scamarcio. Luchetti has received numerous accolades, including Best Actor at Cannes for La Nostra Vita (2010), the Pasinetti Award in Venice for Lacci (2020), and the FIPRESCI Prize in Berlin for Domani Accadrà (1988), making him one of the most awarded Italian directors of his generation. The jury also includes Moroccan director and producer Asmae El Moudir, recognized at the Cannes Festival, the FIFM, and the IDFA for her documentary The Mother of All Lies. She will be joined by Portuguese producer and festival director Isabel Machado, Egyptian director and screenwriter Amir Ramsis, who is also the artistic director of the El Gouna Film Festival, and French filmmaker and critic Nguyễn Trọng Bình, a specialist in cinematic heritage. Additionally, the Mustapha Mesnaoui Critics' Jury will honor «a work for its aesthetic approach and critical impact». This jury will include three critics and journalists: Fatima Ifriqui (Morocco), Cédric Lépine (France), and Federico Pontiggia (Italy). Beyond the competition, the festival promises a rich program of screenings, discussions, and training sessions, fostering exchanges that highlight the diversity of cinema across the Mediterranean region.
