You’ll have to start saving up for your holiday season wine and cheese parties. The Trump administration has said that it intends to impose tariffs on $7.5 billion worth of European goods.
The trade tensions are escalating as a result of the US and European Union’s long-running dispute over aircraft subsidies. If the tariffs introduced on products from Spain, France, Germany, and the United Kingdom will be hit the hardest – aka where some of the greatest wine, cheese, and whiskey come from.
The U.S. is the EU’s most valuable wine and scotch whiskey export market. This means the tariffs could negatively affect jobs within those industries in both Europe and the US as well. The tariffs are set to go into effect on October 18th but both sides are willing to negotiate. Hopefully, they figure something out soon or that holiday charcuterie board will cost you a lot more this season.