U.S. And U.K. Suspend Tariffs In Aerospace Dispute For Five YearsJune 17, 2021
The U.S. and U.K. have agreed to suspend tariffs in their dispute over aircraft subsidies for a period of five years. Under the agreement, the U.K. will suspend for five years the 25% tariffs on U.S. rum, brandy and vodka, and the U.S. will suspend the 25% tariffs on single malt Scotch, single malt Irish whiskey from Northern Ireland, and liqueurs and cordials.
“This is very good news for Scotch whisky,” said Karen Betts, CEO of the Scotch Whisky Association. “The past two years have been extremely damaging for our industry, with the loss of over £600 million in exports to the United States caused by a 25% tariff on single malt Scotch whisky.”
Chris Swonger, president of the Distilled Spirits Council of the U.S. (DISCUS), called the accord “another welcome and important development in our call for a return to duty-free trade in distilled spirits,” but noted that there remains work to do on the trade front, with American whiskies still under 25% tariffs in the U.K. and E.U. due to a dispute over steel and aluminum.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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