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

Published Mar 4, 2021

Tridge summary

The Biden administration has agreed to suspend tariffs on various products from the U.K., including Scotch whisky and English cheeses, following a deal with the U.K. government. This move comes after the U.K. eased tariffs on U.S. goods in January to foster negotiations for a settlement in the long-standing dispute over subsidies to Boeing and Airbus. The suspension of tariffs, which were imposed during the Trump administration, is expected to ease the financial strain on affected industries caused by the COVID-19 pandemic. However, the deal does not include the removal of tariffs on American whiskey to the U.K., leading to disappointment from the Distilled Spirits Council of the United States. The suspension of tariffs is seen as a positive step towards resolving the dispute and focusing on the global aviation market.

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

Original content

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 ...

Source: Npr