According to data collected by fine-wine traders at Liv-ex, these tariffs significantly reshaped the fine-wine market. Their end-of-year report on the subject showed a 30% and 38% drop in Bordeaux and Burgundy’s respective shares of the US market.
‘Italy, on the other hand, went from 18% of the market to 25% of the market after the tariffs went into effect’, says James Miles, chairman and managing director of Liv-ex. ‘Both Italy and Champagne have benefited greatly from these tariffs.’ Indeed any country not covered by the 2019 tariffs has done particularly well in the past year. Despite the global pandemic, the share of US imports from places categorised by Liv-ex as Rest of the World have nearly doubled in volume.
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