Cult Wines CEO on tariff ceasefire: ‘We’re not out of the woods yet’
Cult Wines CEO Tom Gearing has welcomed the tariff ceasefire between the US and Europe, but says that producers and merchants on both sides of the Atlantic still face challenges ahead.
In a radio interview with Bloomberg, Gearing said that had the proposed 100% tariffs gone ahead, the impact would have been “catastrophic” on the global wine market. However, he noted that there are still existing tariffs in place, and that they continue to have an adverse effect on importers and producers alike.
Elsewhere in the interview, Gearing shared insight into the fine wines that investors should now be turning their attention to outside of France, and reiterated the strong advantages of wine investment as an alternative asset: “There’s a lot of history and romance around fine wine, but treat it purely as a financial asset and it brings a lot of benefits.”
Click here to listen to Gearing’s tariff ceasefire analysis, and to discover which wines are on the up in 2020.