U.S. consumers, companies and workers will pay the biggest price for proposed 10...
WASHINGTON - U.S. consumers, companies and workers will pay the biggest price for proposed 100% tariffs on French Champagne and other sparkling wines, cheese, porcelain, enamel cookware and handbags, witnesses told the U.S. government on Tuesday.
Those tariffs would come on top of 25% tariffs already imposed on a wide range of European imports, including Airbus jets, European cheeses, wines and other products in a dispute with the European Union over aircraft subsidies. Washington last month said it could raise those tariffs to 100% and subject additional EU products to the tariffs unless a settlement was reached.
“The domino effect of unintended consequences from the proposed tariffs would be catastrophic for tens of thousands of American businesses,” Aneff told U.S. government officials at a hearing hosted by USTR on the French tariff issue. Overall, the tariffs on European wines were expected to cost some $10 billion in lost revenue and 78,000 job losses, hitting the nation’s 47,000 wine retailers and more than 6,500 importers and distributors disproportionately hard, Aneff said.
“We’re not going to be able to do it forever,” he said. “Once it hits 100% ... that’s when the American consumer is going to feel the effect of it.” David Waldenberg, president of BNP Distributing, said lower revenues would result in the loss of some $100 million in state, local and excise taxes collected on alcohol sales.
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