Impossible to plan. That is, ultimately, the consequence of Trump’s latest announcement postponing the deadline for negotiations on additional tariffs from 9 July to 1 August. Europe hopes to reach an agreement soon – the Wine Trade Alliance sees possible openings for the alcoholic beverage sector, though there is no political confirmation – but for wine producers and consortia, this situation is making it increasingly difficult to work on promotional projects.
Warning from Prosecco DOC
“We cautiously welcome this further postponement, aware that prolonged uncertainty weighs heavily on the strategic choices of our businesses,” warned Giancarlo Guidolin, President of Prosecco DOC.
“Our hope is that a final and reasonable decision will be reached soon, one that takes into account the economic and cultural value of Italian exports such as Prosecco DOC, which are recognised and appreciated even overseas.
The United States has for years represented one of the most important markets for our wine: a historic and strategic market, where Prosecco is loved, sought out, and enthusiastically chosen by consumers.
The supply chain is ready to absorb the impact of moderate tariffs, but it needs certainty in order to plan for the future.”
Giancarlo Guidolin – President of Consorzio Prosecco Doc 2024|Australian wine
Trump’s show on truth
Certainty is certainly not something Trump, busy with his usual world-stage theatrics, is inclined to provide.
This was clear from the suspense he stirred on 7 August with his announced post on Truth and the release of letters sent to various countries outlining new tariff conditions and 1 August as the new deadline.
Europe awaits its letter
The first to learn of their fate were Japan and South Korea: for them, 25% tariffs from 1 August, as explicitly stated in letters delivered to the respective Prime Minister and President:
“Our relations are unfortunately far from reciprocal. From 1 August, we will impose tariffs of only 25% on all goods shipped to the United States.” Then came the threat: “If for any reason you decide to raise your tariffs, we will add another 25%.”
Following that, other letters were sent to Malaysia and Kazakhstan (25% tariffs), Indonesia (32%), Bangladesh (35%), Serbia (35%), Cambodia (36%), Thailand (36%), Bosnia (30%), Myanmar and Laos (40%), and South Africa (30%).
And Europe? The White House has announced new letters will be issued in the coming two days, possibly including the Old Continent.
In the meantime, negotiations continue at the unpredictable pace of the Tycoon.
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