Irish scotch whisky and english cheese prices could ease as U.S. halts tariffs

Updated at 10:40 a.m. ETThe Biden administration will suspend steep tariffs on Irish and Scotch whiskies, English cheeses and other products, after reaching an agreement with the U.K. Former President Trump had imposed the tariffs in late 2019 as part of a long-running dispute over the aviation industry.Scotch whisky and other products had been subject to a 25% tariff. But as of today, the tariffs will be suspended for at least four months. Other products, from pork to cashmere and machinery items, had also been hit by the tariffs that are now suspended. Their damage has been compounded in the past year by the COVID-19 pandemic."Trade is key to economic recovery," U.K. Trade Secretary Liz Truss said. She noted that in the year before the tariffs, the U.S. had imported £550 million (nearly $770 million) worth of the affected U.K. goods. In Scotland, news of the deal prompted a peaty sigh of relief."This is fabulous news, and our industry is delighted," said Scotch Whisky ...