US trade rebounds after tariff confirmation
Liv-ex has reported that US buying activity on its platform rebounded hugely following the news that 100% tariffs would not be imposed.
Although 25% tariffs on French, German, Spanish and UK wines are being kept, the threat of 100% taxes on all European wines has been shelved (at least for now).
The news from the US Trade Representative and a stronger dollar (against the pound) caused a spike in activity in North America last week, with Liv-ex saying buying was up 200% from the week before.
The figures are made more impressive given how low activity had fallen but it was still an encouraging spark in what has been a slow start to the year.
Burgundy and Italy were the chief beneficiaries of the renewed US interest, growing their weekly share of trade.
Trade from Asia remains subdued, however, over the on-going Covid-19 outbreak.