“20% reciprocal tariffs” is the word on the street in D.C.

According to my source in D.C., the E.U. and U.S. trade negotiators agreed earlier this week that 20 percent reciprocal tariffs will be enacted in April.

That’s the word on the street, although I haven’t been able to confirm this figure. But it would seem to align with what Trump’s press secretary told reporters earlier today (following Trump’s middle-of-the-night tweet announcing automobile tariffs): the E.U. reciprocal tariffs, she said, will “be more conservative than many people are expecting.”

I have been talking to importers of Italian wine, large and small, all week. Some are working as fast as they can to get wine to the U.S. Others have cancelled all orders until there is more clarity. At least one major Italian importer is reassuring clients said that there will be no disruption while another top player announced that all orders are on hold until the tariff storm passes.

The lucky ones are those who front-loaded their inventory at the beginning of the year.

“America is a great country. I love Americans,” said Pietro Oddero (below, left), scion of the legacy Barolo grower Oddero. We met at a tasting organized by his importer in Houston, Ian McCaffery (below right), owner of the Austin-based Rootstock. Pietro shared the sign he created above.

He also reminded me that his family’s winery survived both 20th-century world wars. “We’ll get through this,” he told me cautiously but confidently.