California Winemakers Nervous About U.S.-China Trade Talks
National Public Radio reports that California winemakers are among those closely watching trade talks going on in Washington, D.C., between China and the U.S., in an effort to avert an all-out trade war. In the past decade, U.S. wine exports to "greater" China, including Taiwan, rose 450 percent. But last month China slapped a tariff on U.S. wine, and other food and agricultural products, in retaliation for U.S. tariffs on steel and aluminium.
Before the latest tariff spat, the combined taxes and tariffs for importing US wine to China were already more than 48 percent. And now there's a 15 percent tariff increase.