French Wine Exporters See €1 Billion Loss From Trump Tariff (1)

France’s wine and spirits industry expects to lose €1 billion ($1.1 billion) should the US go ahead with imposing a 15% import tariff on their products next week, as the European Union makes a last-ditch effort to obtain an exemption.

The levy, due to come into force Aug. 7, will likely cut a quarter of France’s annual exports from the sector, the country’s federation of wine and spirit exporters FEVS said in a statement on Friday. It will also jeopardize the jobs of the 600,000 people directly employed by the industry.

“We welcome the efforts already made to try to ...