COLORADO SPRINGS, Colo. (KOAA) — The United States set a 15% tariff on most goods imported from the European Union (E.U.). The E.U. is still considering whether to approve the framework.
Under the deal, it has agreed to purchase $750 billion worth of energy from the U.S.
E.U. countries will also invest an additional $600 billion into the U.S. economy. The U.S. imported more than $600 billion worth of products from the E.U. in 2024.
Economists say it could impact the prices of goods, such as European-made cars and pharmaceuticals.
Some wine stores in Colorado Springs say they welcome the news of the deal, but are still waiting to see the final decision on the wine and spirit industries.
Amy Haight, Manager of the Wine Gallery, says she's been getting questions about whether the tariffs could raise the price of their favorite bottles.
She says having a clear picture of what to expect from the deal feels like a relief.
"More relieved... because when you started off with 200%, I think 15% is a good starting point," said Haight.
The initial deal between the E.U. and the U.S. did not yet contain a decision regarding the wine and liquor industry, but Haight says it would be great if the negotiation could reach a zero tariff.
Experts say the deal is not bad news for local businesses.
"For that industry, I think they are breathing a sigh of relief right now," said Scott Van Ness, Professor of Operations Management at the University of Colorado, Colorado Springs.
Van Ness says that some industries, such as wine, need to be zero-tariff. He says there haven't been unfair labor or trade practices within the industry.
Haight says the store is doing its best to serve its customers.
"Customers are number one to us," said Haight. "We are always going to be constantly looking for deals to keep the prices low."
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