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Author Topic: Scotch whiskey producers welcome costly US tariffs  (Read 93 times)

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Scotch whiskey producers welcome costly US tariffs
« on: June 17, 2021, 07:42:22 PM »





The makers of Scotch single malt whiskey breathed a sigh of relief Thursday. after the US Agreed to suspend tariffs on Scotland's main export goods Following the resolution of a long-standing transatlantic trade dispute over subsidies for Boeing and Airbus.


President Donald Trump President Donald Trump has imposed a 25% tariff on some EU products. This includes Scotch single malt whiskey. in October 2019 pg slot as part of a trade dispute Although the UK is no longer a member of the European Union. But it belongs to the group when the tax is applied.


Earlier this week, the United States and the European Union reached an agreement to settle the aerospace dispute. Paving the way for a five-year freeze on tariffs, there has been parallel talks between the United States and Britain on tariffs.


Scotch single malt tariffs are among the highest in the UK. The Scotch Whiskey Association estimates they contributed a 30 percent drop in total whiskey exports to the United States, equivalent to about 600 million pounds ($850 million) in the 18 months to March 2021.


“This deal eliminates the threat of another tariffs on Scotch whisky next month. And it allows refineries to focus on recovering exports to our largest and most valuable export markets,” said Karen Bette, the association's chief executive.


A meltdown in US-EU relations has been widely expected after President Joe Biden's election, tariffs linked to the Airbus-Boeing dispute. Temporarily suspended in a bid to negotiate a solution


According to the aerospace agreement between the United States and the European Union, British Foreign Trade Minister Liz Truss, and US Trade Representative Catherine Tai. Agreed to suspend retaliatory taxes for five years.


“Today's deal is under incredibly damaging issues. And it means we can focus on taking our trade ties to the next level, working more closely to challenge the unfair practices of countries like China, and using free-trade powers to "extend our trade". Build … come back better from the pandemic,” Truss said.