Customs duties: pending clarification, many uncertainties

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The United States and Europe have moved closer, but the agreement isn't quite finalized. So, what are the uncertainties? Customs duties on wine are still pending. France is hoping for an exemption, but negotiations are complicated. Champagne producer Claude Mandois exports 500,000 bottles a year across the Atlantic. Faced with the uncertainty, orders are stopped in their tracks. "It's a pallet that we had prepared about two weeks ago. It was urgent. It was canceled ," he says.

The United States accounts for 27% of French wine and spirits exports. Initially threatened with a 30% tax, the producer is still hoping for an exemption today. Doing without the United States? "That's a good question. We're already doing without the Russians. The 30% tax scared us. Now the uncertainty is even worse," admits Claude Mandois.

Heavily criticized in France, is the agreement unbalanced? On the one hand, the United States will impose a 15% tax on most European products. However, on the other hand, Europe will open its doors wide, with no taxes on the majority of American goods. A lesser evil, according to economists, to avoid a trade war. " For France, this will represent, on average, between 2 and 3% less exports. Obviously, there are sectors that will be more affected than others, but 2 to 3% is something that can be completely absorbed ," explains Lionel Fontagné, director of the Institute for Macroeconomic and International Policies (i-Mip).

Some sectors will be spared, including goods the United States cannot do without. Certain raw materials, for example, such as chemicals or aircraft parts, will be exempt from customs duties. Near Toulouse (Haute-Garonne), this is good news for a company with 3,000 employees, which supplies Airbus and Boeing. The agreement is finalized after a six-month wait. " It brings peace of mind, and the sector needs it. Because we are currently in a race against time to achieve production ramp-ups. It's a very promising sector," confides Thomas Girard, CEO of Figeac Aero.

Negotiations to finalize the agreement are expected to last for many more weeks.