The international wine trade is facing disruptions from the pandemic, trade tensions between the EU and the U.S., an emerging Australia-China trade war and concerns about “smoke taint” due to wildfires in Australia and California. Global wine exports fell by 22.2% year over year in Q2’20, led by the EU. Reduced exports from Australia to China, which represented 38.9% of Australia’s shipments in 2019, may provide competition for U.S. supplies to Europe. The U.K. is the largest market for U.S. wines with shipments that expanded by 42.0% year over year in Q3’...