WASHINGTON _ That glass of Champagne being raised to welcome in the New Year is about to get a lot more expensive.
Absent a major breakthrough in trade negotiations with France, the Trump administration is preparing to raise tariffs on a host of French products _ including cheeses, wines and Champagne _ by mid-January. That move might result in a 100% tax increase on France's key exports in response to a pending digital tax imposed by Paris.
The U.S. move would severely impact the French wine industry and hit its sparkling wine varieties, which amount to over $775 million in exports to the United States each year, particularly hard.
