The President “Joe Biden” and the EU Commission President “Ursula von der Leyen” have agreed on a temporary suspension of tariffs between the US and the EU, which starts today 11th of March 2021.
The agreement, which suspends tariffs for a period of four months, gives a shot in the arm to American importers of all types of food and beverages from the European Union.
In particular, Spanish wines will no longer have to pay an extraordinary 25% tariff for wines with less than 14% alcohol content. This is great news especially for white wines and for some wineries that work mainly with certain grapes such as Albariño.
This strengthens the channels of cooperation between the two blocs, in what appears to be a change of course in US economic policy.
Finally, it has been revealed that the suspension will be in effect from March 11 until July 10 2021. During these four months the alcoholic beverages and food sector will be waiting for the outcome of the negotiations.