内容摘要： aninvestorframeworkforaneraofupheaval For some users chatbots have been invaluable when they have been at their lowest.

 aninvestorframeworkforaneraofupheaval For some users chatbots have been invaluable when they have been at their lowest.

 aninvestorframeworkforaneraofupheaval "But back then Champagne wasn't included, and neither were wines stronger than 14 degrees of alcohol. So you can see the scale of the threat today." aninvestorframeworkforaneraofupheaval The solution Mr Bauer is backing is free trade. No tariffs. But you'd expect him to say that, given that France and Europe run a big trade surplus with the US when it comes to wines and spirits.

 aninvestorframeworkforaneraofupheaval More surprising, perhaps, is the opinion of his American competitors in California and Oregon who, you might think, would be cracking open something a bit special to celebrate. aninvestorframeworkforaneraofupheaval "This looks horrible from our perspective. We don't like it one bit," says Rex Stults, vice-president of industry relations at Napa Valley Vintners, which represents 540 wineries in the sunny slopes of California's most famous wine region. aninvestorframeworkforaneraofupheaval "Wine is an international product. Even here in the Napa Valley, our wineries primarily get their corks from Portugal, and their oak barrels, a key component in winemaking, from France.

 aninvestorframeworkforaneraofupheaval Mr Stults adds: "They're already expensive and the potential is that they will get more expensive." aninvestorframeworkforaneraofupheaval Also, trade wars cut both ways. He says the tariffs announced against Canada are having a devastating impact on US wine exports.

 aninvestorframeworkforaneraofupheaval "Canada is the most important export market for California wines, and one of the top export markets for Napa Valley wines. Right now, there are zero Napa Valley wines on the shelves of stores in Canada.

 aninvestorframeworkforaneraofupheaval "They've removed all American alcohol beverage products from their store shelves!" aninvestorframeworkforaneraofupheaval Also, the reds that come out of Burgundy are, according to Mr Labet, the kind consumers increasingly want, as they are typically lighter than New World reds.

 aninvestorframeworkforaneraofupheaval "What is interesting to see is that there is a strong de-consumption of what we call the big reds, made in the US. Wines with a lot of alcohol, aged in new wood." aninvestorframeworkforaneraofupheaval Less sun and lower temperatures in Burgundy, even with climate change, means less sugar in the grapes and lower alcohol content.

 aninvestorframeworkforaneraofupheaval Mr Labet remembers when, for 18 months of his first presidency, Donald Trump hit European wine with a 25% import tariff during a dispute over airlines. aninvestorframeworkforaneraofupheaval "We were hostages of that situation, and it really did affect our sales to the US. We had a drop of about 50% of our exports to the US."