CEO Tom Gearing speaks to Wall Street Journal about impact of US tariffs
America Taxed Your Favorite Bordeaux? Try One With More Alcohol.
Wine investor Tom Gearing was intrigued by a French vintner’s offer of a 2019 Cabernet-Merlot blend rich with aromas of cinnamon and jasmine and what the vintner called “a dazzling expression of the estate’s terroir.”
Even more alluring was its alcohol content: 14.02%
That two-hundredths of 1% meant Mr. Gearing could sell the big red from Château Cos d’Estournel in Bordeaux to Americans for the vintner’s recommended $153 price instead of $191. That’s because of a quirk in U.S. tariff code that has sent high-alcohol European wine exports soaring...