US winemakers have cause for celebration as corks, a vital component of their industry, are now exempt from tariffs. This natural product, derived from the spongy bark of the cork oak tree, is predominantly cultivated and harvested across the Mediterranean basin.
The material was specifically identified as an "unavailable natural product" within the framework trade agreement between the United States and the European Union. Consequently, from 1 September, cork joined a select group of items, including aircraft and generic pharmaceuticals, that are no longer subject to the 15 per cent US tariff applied to most EU goods.
