July 28th: EU-US trade deal and other news
Trump and Von der Leyen reached an agreement, Rémy Cointreau and JNPR, Pernod Ricard to cut workforce, WG&S profits decrease by 30%, Irish whiskey tourism set to grow, rum in Georgia and more...
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Hello everyone!
Happy Monday! Leaders seem to love making decisions on Sundays, which explains why I was still getting press releases late into last night. I'm talking, of course, about Trump and Von der Leyen finding a (temporary) agreement on tariffs. Let's begins from here.
EU and US have agreed on trade deal, but alcoholic drinks details remain vague
US President Donald Trump and European Commission chief Ursula von der Leyen announced yesterday that they had reached a trade agreement at a golf course in Scotland, where President Trump is currently on holiday.
The agreement sets a 15% baseline tariff for most EU exports to the US. A zero-tariff plan will apply to specific sectors, including aircraft and related components, semiconductor equipment, critical raw materials, and some chemical and agricultural products. I've searched the web, but there appears to be no clear detail regarding alcoholic drinks at the moment.
I recommend reading this article by Jorge Liboreiro and Peggy Corlin on Euronews, as I find to be particularly clear and comprehensive:
Von der Leyen and Trump strike EU-US trade deal with 15% tariff for the bloc
The only article I've found that specifically refers to alcoholic drinks states: "One key area where a deal is yet to be struck is alcohol, with France and the Netherlands in particular seeking tariff exemptions for their respective wine and beer industries." The article is by Sarah Smith on BBC News, and you can read it here:
EU and US agree trade deal, with 15% tariffs for European exports to America
VinoNews24 was the first to report reactions from Italian industry associations:
Dazi USA al 15%. UIV, “sul vino significa un danno da 317 milioni di euro”
Here’s another perspective on Irish products, including whiskey. Article by Paul Colgan on The Irish Times:
Bracing for a trade war: the Irish whiskey, cheese and sweet makers sweating Trump’s tariff plans
Meanwhile, it seems Keir Starmer is also meeting with Trump in Scotland this morning.
My two cents about this trade deal
Since Donald Trump has been in charge, we’ve become accustomed to unprofessional, show business-like political statements and actions. Striking a deal at a golf course, during a holiday, feels like just another episode in this ongoing series (with Von der Leyen playing a role in the show). A few vague statements, no details, all after a mere 40-minute negotiation. Is this fair from the EU's perspective? Is it right to accept such conditions when the priority should be to honour all the people working and exporting from the Union? No, I don’t believe it is.
Whatever my opinion, I’ll keep you posted on this topic in the coming days, to help you form your own conclusions.
Company news
Rémy Cointreau steps into non alcoholic drinks
Rémy Cointreau has acquired a minority stake in JNPR, the Frrnch non-alcoholic drinks brand founded in 2020 by Valérie De Sutter.
News by Global Drinks Intel here:
Pernod Ricard unveils re-organisation plan, including job cuts
Pernod Ricard is set to cut 17% of its workforce, amounting to approximately 140 roles, which will be selected on a voluntary basis.
Article by Laurence Girard on Le Monde:
Pernod Ricard veut supprimer 17 % des effectifs de son siège
William Grant & Sons profit dropped by 30% in 2024
The Scottish firm William Grant & Sons saw its profit decrease by nearly a third in 2024, attributed to ‘significant destocking’.
Article by Nicola Carruthers on The Spirits Business:
Spirit tourism
Irish whiskey tourism expected to grow this year
Irish whiskey distillery visitors are expected to exceed one million once figures for the period up to the end of June 2025 are finalised. In the 12 months leading up to the end of June 2024, the 26 Irish whiskey distillery visitor centres that comprise the Irish Whiskey Way reported a total of 817,000 visitors.
This article in The Irish Times is sponsored by Ibec, Ireland’s largest lobby and business representative group (which includes the Irish Whiskey Association), and features anticipations about these figures:
Irish whiskey distilleries expected to welcome more than one million visitors
Something to read
A story about rum in Georgia
CBS News tells the story of Erik and Karin Vonk, the Dutch couple who founded Richland Rum in Georgia US, growing sugar cane on their 70-acre estate.
Article by Skyler Henry and Analisa Novak on CBS News:
Meet the husband-and-wife duo behind Georgia's rum renaissance
That’s all for today!
I will definitely see you on Wednesday ;)