By now, everyone is well aware that the United Kingdom has voted to leave the European Union. People all over the world are wondering what this move will do to the world economy, currency exchange and international relations. We, however, are concerned about if and how it will affect our drinking habits. Luckily, here in the United States there is not likely to be any immediate, catastrophic effects.
In Europe, however, the move has several consequences, particularly related to the wine trade. After the news broke, the value of the English pound plummeted, causing international sales from English-based wine merchants to soar. The UK is also a critical market for French, Spanish and Italian wines. European markets are now concerned that trade with England will become more difficult or more expensive. In addition, English wine merchants are now looking to new markets, particularly China. An English merchant told Wine Spectator Magazine that one of the first moves he hopes England will make is to begin negotiating tariff free trade with China, which would open up a largely untapped (pun intended) market for wine.
While all this takes years to play out, we Americans are just thankful no politicians are coming between us and our beloved wine.