On Friday 5 March, the United States Trade Representative (USTR) and European Trade Commission announced in a joint statement that all tariffs related to the Boeing-Airbus dispute would be suspended for four months.
The suspension covers tariffs on a huge range of products and would, “become effective as soon as the internal procedures on both sides are completed”.
A day earlier, 4 March, Boris Johnson and Joe Biden had agreed upon a cease fire on UK wines/Scotch.
In October 2019 the USTR imposed a 25% tariff on EU wines under 14% ABV as part of an ongoing trade dispute. Those tariffs were extended on 31 December 2020 to include wines of all ABVs.
After Friday’s announcement, buyers took no time returning to the market and the weekend saw a large return in US member activity.
Bordeaux has seen the largest uplift in LIVE bids, followed by Spain, the Rhone, and Burgundy – all regions previously affected by the tariffs.
The Liv-ex ‘Opportunities Page – Most Traded’ displays the top traded wines over the past week and should be interesting to watch as the removal of the tariffs adjusts trade behaviour.
If its Bordeaux you are looking for, we’ve highlighted blue-chip offers, sorted by discount to Market Price here.