US importers stockpile Italian Prosecco as a hedge against possible Trump tariffs
American importers have been stockpiling the popular Italian bubbly Prosecco as a hedge against the possible impact of tariffs threatened by President Donald Trump
ROME — American importers have been stockpiling Italian bubbly Prosecco as a hedge against the possible impact of tariffs threatened by President Donald Trump, wine industry data show.
U.S. imports of Italian sparkling wine — 90% of that Prosecco — skyrocketed by 41% in November, after Trump's election, far exceeding consumer demand as importers filled the pipeline for future sales, according to the Union of Italian Wines trade association.
“It was quite natural at the end of the year to do extra shipments,” said the trade association president, Lamberto Frescobaldi, given the uncertainty over whether tariffs would hit Italian wines or not — and the likelihood consumers would cut back on such luxuries if tariffs made them too pricey.
“Can we survive without a glass of wine? Yes. Wine is a pleasure,’’ Frescobaldi told The Associated Press this week.
Italian wines were not hit by tariffs during the first Trump presidency, and no tariffs have been announced to date against European partners. Still, Prosecco importers and distributors are taking precautionary measures to protect the market.
Italy exports nearly one-quarter of its wine to the United States, leaving the sector more heavily exposed to possible tariffs than any other Italian export, according to the trade federation. Last year, Italy’s wine exports to the U.S. totaled 1.9 billion euros ($1.97 billion).
Prosecco became the top-selling Italian wine in the United States last year, representing nearly 40% of all sales.
The first signs of market concern showed up even before Trump was elected, with
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