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On 8 May 2025, the European Commission approved a €5 billion French export credit re-insurance scheme to support exporters of wines and spirits in light of the impending US tariffs. The temporary measure, which runs until 8 July 2025, allows French exporters to insure shipments to the United States under the Cap France export regime, to secure export flows before the new tariffs take effect.

The scheme operates through Bpifrance Assurance Export and provides short-term guarantees to insurers offering cover against commercial and political risks in export transactions. The Commission noted that, due to the limited availability of private export credit insurance, risks linked to wine and spirits exports to the US have become temporarily non-marketable. The inclusion of the US under Cap Francexport was therefore authorised for a limited two-month period.

The Commission assessed the scheme under Article 107(3)(c) TFEU and the Short-Term Export Credit Communication. It concluded that the measure is necessary, proportionate, and appropriately targeted to address the market failure. The scheme is expected to incentivise exporters who might otherwise be unable to proceed with shipments to the US under current market conditions.

This support measure comes in response to the US announcement on 2 April of a new round of tariffs, including 25% duties on steel, aluminium, cars and car parts, and 20% duties on other goods such as agri-food products and beverages. Although the US paused some tariffs for 90 days starting 9 April, both sides remain in active negotiations. The EU has also suspended its planned countermeasures during this period, with the possibility of reinstating them should talks fail to yield a balanced outcome.

Source: European Commission