Trade tariffs are taxes imposed by a government on imported goods and services. They are used to regulate international trade, protect domestic industries, and generate revenue for the government. Tariffs can be set as a specific amount per quantity of goods (specific tariff) or as a percentage of the value of the goods (ad valorem tariff). By increasing the cost of foreign products, tariffs can make domestically produced goods more competitive in the local market. However, they can also lead to trade disputes and retaliatory measures from other countries, potentially escalating into trade wars. Tariffs play a significant role in shaping trade policy and economic relations between nations.
The French wine and spirits industry is under significant threat from increasing tariffs, particularly from China and the potential U.S. tariffs. In 2023, French wines and spirits generated €3.6 billion…
Lush Wine & Spirits has been a local favorite in Roscoe Village since 2005, combining fine wines and delicious bites. Co-owner Mitch Einhorn is concerned about the impact of tariffs…