Not really. A glut in the US market from local wines might mean lower prices in the short term, but they will cut production due to cost constraints and raise their prices due to the fall in competition from abroad. The US will produce less, and American wines will be more expensive.
And farmers who grow the grapes? Cutting back on wine production means less market for their grapes & LOWER income, where making a profit is already a struggle at the mercy of weather & disease And no, you can’t just “grow a different crop.” The roots go down 30’ & the best vines are DECADES old
Right , it means many will not be able to stay in business.
The point I was making: "A glut in the US market from local wines might mean lower prices in the short term"