The value of U.S. wine exports sank nearly 5% to $1.47 billion in 2018, reflecting a strong dollar and retaliatory tariffs, an industry trade group announced Monday.
div > div.group > p:first-child"> The weaker exports also follow increased"competition from foreign wine producers who are heavily subsidized by their governments and benefiting from free trade agreements in key markets," according to the San Francisco-based Wine Institute.
Effective last September, China in response to tariffs imposed by the administration of President Donald Trump added a 10% duty on U.S. wine imports on top of a previous 15% levy it implemented in April 2018. With the two duties, the total tax and tariff rates for U.S. wine entering China jumped to nearly 80%.
"Exports to Hong Kong are a bright spot," according to Beros."Clearly some of these wines are being re-exported to other countries including mainland China."
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