Thursday 19 July
Powered by Ajaxy
Mar 31, 2018 @ 12:50

US’ wine exports in trouble as Trump’s trade war with China intensifies

As the trade war between the Trump Administration and China develops, more and more industries are getting affected such as the United States’ wine industry.

To recall, US President Donald Trump decided to impose higher tariffs on imported steel and aluminum.

This has triggered a so-called “trade war” between US and China as the latter exports a huge amount of steel to US.

In response to this, China considered increasing tariffs on a number of US imports too. For instance, it now wants to impose a 15 percent additional tax on imported wine, which could have a huge blow to US’ wine industry, a report in Fortune showed.

In 2017, the value of wine that US exported to China stood around $210 million.
Right now, California wines are already being sold at a 40 percent to 45 percent markup in China, the report further said.

Wine was just one of 128 products China listed as targets for potential retaliatory tariffs, a report from BBC showed.



 

Trending News

Recommended on sister sites

Copyright © 2018 Foodevolution.com.ph - Latest News on Celebrities, Politikos and Businessmen that loves food!. TechCellar.com