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Wine Woes as President Trump’s Tariffs Loom
Bloomberg Television· 2025-07-19 14:09
Trade & Tariffs Impact - The U S could impose a 30% tariff on imported wine from the European Union if no deal is struck by August 1 [2] - A 20% tariff could significantly impact the wine industry, where net profits might only be 5% to 10% [3] - Tariffs could lead to higher prices for consumers, potentially making a $20 wine cost $25 [4] - Major domestic wine producing organizations are against tariffs on imported wine because their domestic growers rely on healthy wine distributors for access to market [8] - Some domestic producers need protection from multinational companies bringing in cheap, subsidized imports [9] Market Dynamics & Consumption - In 2023, the U S consumed just under 900 million gallons of wine, valued at over $107 billion, with more than 1/3 shipped from abroad [7] - Distributors and importers derive about 75% of their revenue from imported wine [8] - California wineries, which produce nearly 90% of U S wine, had over 500,000 excess tons of grapes last year, with 77 million gallons of wine in storage [13] Unfair Trade Practices - The European Union spends over 2 billion annually in EU and member state money propping up their wine sector, including subsidies and market promotion [12] - 24 million gallons of bulk wine are poured into California at super low prices, undercutting California grape growers [16] Potential Economic Consequences - American businesses make almost $23 billion from the sale of European wines in the United States, despite importing about $5.3 billion worth of wine from the European Union [21] - Tariffs could lead to contraction in the wine business, potentially causing American businesses to close and fire employees [22]
Beauty company promotes ethical sourcing in cosmetic industry
NBC News· 2025-06-28 18:01
Ethical Sourcing & Child Labor in Cosmetics - The beauty industry faces scrutiny regarding ethical trade practices, particularly child labor in sourcing cosmetic ingredients [4] - UNICEF reports 138 million children globally are engaged in detrimental labor [6] - The United Nations calls for the end of child labor in all forms by this year (2024) [6] - World Vision's "High Price of Beauty" report (2023) found millions of children work to produce ingredients for cosmetics [3] Company Initiatives & Partnerships - Sable Labs partners with World Vision to address child labor in cosmetic ingredient sourcing, focusing on traceability and responsible sourcing [2][3] - Sable Labs aims to source ingredients responsibly and traceably, supporting rural communities [3] - World Vision collaborates with women's cooperative groups and fair trade projects to promote ethical cosmetic trade [4] Consumer & Company Responsibility - Consumers are encouraged to inquire about brands' supply chains and ingredient sourcing [7][9][10] - Companies have a responsibility to ensure their supply chains are responsibly sourced [8] - Consumers should look for information on company websites and sourcing statements, particularly for common ingredients like mica, shea, and cocoa [9][10] Obstacles to Ending Child Labor - Farmers facing unfair wages or quota pressure may resort to child labor due to financial constraints [5] - Lack of access to education contributes to the problem of child labor [6]