Overview

• Starting August 1, the US will levy a 15% duty on European wine and other alcoholic beverages under the cap agreed by President Trump and Ursula von der Leyen.
• EU Commission spokesperson Olof Gill confirmed that wine and spirits will face the same rate as other exports until specific carve-outs are finalized.
• Negotiators from Brussels and the White House are drafting a non-binding joint declaration to set out the principles of their trade agreement.
• The joint declaration will serve as a roadmap for further discussions on detailed trade rules and sectoral exemptions in the coming months.
• The European Commission has stated that the 15% maximum tariff will apply even if the joint declaration is not completed by the August 1 cutoff.