Tariff casts shadow over Italian wine

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 25% tariff on European imports.

- SARA ROSSI

Italy exports more wine to the US than any other country. Last year, it sold €2 billion ($2.2 billion) worth of wines, split into still/semi-still that by shares a quarter of its total worldwide exports, according to trade group FederVini.

Italian producers and US importers gathered at a wine fair in Verona, in the north-eastern Veneto region at the weekend, said harvests had already been lowered by the fear of US tariffs and they fear more lasting damage as the duties take effect.

Under the announced levies, Italian wine revenues would fall by some €323 million 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 US to scrap or reduce the tariffs.