The U.S. and the European Union announced a new trade agreement framework over the weekend.
It sets a 15% tariff on most goods imported from the EU, as opposed to a previously proposed 30% rate.
The U.S. imported $605 billion worth of goods from the 27-country bloc last year.
Complete details of the agreement have not been made available, but it could have a major impact on the price of goods like European-made cars and pharmaceuticals — which may be passed onto consumers.
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Some products will be exempt from any tariffs, including aircraft parts, certain chemicals and generic drugs, and some agricultural products.
But many businesses are still waiting to learn if the deal will impact them, including the alcohol industry.
"We are greatly hopeful that the 15% tariff is not applied to distilled spirits," said Chris Swonger, the CEO of the Distilled Spirits Council of the U.S.
He says any tariff would drive prices up.
"Any tax on distilled spirits products or a tariff on distilled spirit products are going to impede on that consumer being able to afford that special bottle of scotch or cognac."
