On August 1, 2023, the US will raise tariffs on EU wine from 10% to 15%. This new government decision will affect all producers and importers.
New Tariffs on EU Wine
According to recent news sources and EU diplomats, starting August 1, the tariff on wine and spirits from Europe will increase from 10% to 15%. This decision is part of a pressure strategy on the European Union in negotiations for new trade agreements.
Economists' Views on Tariffs
Economists like Peter Schiff express discontent with this decision, stating that these tariffs will negatively impact American consumers. "These tariffs hurt American consumers directly," Schiff says. Importers bear the extra cost which ultimately gets passed on to buyers, increasing tax burdens on consumers.
Crypto Market Amid Trade Tensions
Despite deteriorating trade relations, the crypto market continues to show stability. For example, Bitcoin rose by 0.36%, while Ethereum and XRP also show positive signals. Many investors view cryptocurrencies as a safe asset amid market uncertainties.
The increase in tariffs on EU wine is a move that may affect prices for American buyers. However, the crypto market remains an alternative for investors in an unstable economy.
