Whisky redemption: US Biden administration lifts hated tariffs on Scotland’s most famous export

Published 2021년 3월 4일

Tridge summary

The United States and the European Union have suspended tariffs on each other's goods, including Scottish whisky, in a truce to the long-standing dispute over illegal subsidies for plane makers Boeing and Airbus. The four-month suspension will allow both countries to focus on negotiating a settlement and addressing challenges posed by non-market economies like China. This is welcome news for the Scotch whisky industry, which had seen exports to the U.S. drop by 35% due to a 25% tariff, and is expected to benefit other U.K. industries as well. The suspension could also strengthen Prime Minister Boris Johnson's position, particularly in Scotland, where there is support for independence from Britain.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism, subscribe today.Raise a toast! Scottish whisky makers on Thursday hailed it as “fabulous news” after the United States suspended punitive duties on single malt whisky imports as part of a truce with Britain in a 17-year-old trade dispute over illegal subsidies for plane makers Boeing and Airbus.The United States and the 27-nation European Union hit each other’s exports with billions of dollars of tariffs over the years in parallel disputes in which each accused the other of giving unfair help to Boeing and Airbus respectively.In one of the ugliest examples of tit-for-tat trade wars that quickly spiral out of control, both sides drew up long lists of goods to target that had nothing to do with aerospace sector. The collateral damage has hit the wallets of aficionados of French wine, Irish and Scottish whisky and Italian hard cheeses. (In Scotland and Canada, the drink is ...

Source: Fortune