Bernstein: Proposed EU Tariffs “Crucially” Excludes Certain Bev Alc Categories

Dear Client:Last week, the World Trade Organization sided with the US in its dispute with the European Union over aircraft subsidies, which opened the door for the Trump Administration to move forward with a 25% tariff increase on a host of European goods including Scotch and wine [see WSD 10-03-2019].While the list did include selected spirits like single malt Scotch, single malt Irish whiskey, liqueurs and cordials (from Germany, Ireland, Italy, Spain or the UK), as well as wine (described