Reuters, on Tuesday 10 February 2026, reports that French wine and spirits exports fell to their lowest volume in at least 25 years, pressured by US tariffs, Chinese duties and a strong euro, with exporters warning there is no quick fix. Total exports dropped 3% by volume to 168 million cases and fell 8% in value to €14.3bn, with sales to the US down 21% in value to €3.0bn and sales to China down 20% to €767m. Cognac was hit hardest, down 24% in value, while Champagne volumes edged up but value slipped 4.5%, with industry figures saying any 2026 rebound is likely to be limited.