Tariff Trade Freeze Great News For Single Malt Whisky Lovers

The UK Government and liquor industry leaders have welcomed the US Government’s decision to freeze a 25% tariff that has blunted the trade in single malt whisky since 2019. Then US President Donald Trump installed the tariff in 2019 in response to an ongoing trade war between aerospace companies Boeing and Airbus relating to civil aviation regulations. The US Department for International Trade (DIT) said on Thursday the new Biden administration had suspended the tariff for the next four months, which should result in better prices on your favorite bottles from Scotland. “The easier it is for Americans to buy a bottle of Macallan, Talisker, or Glenfiddich, the more money those producers will have to invest in their businesses, their staff, and futures,” said the UK trade minister Liz Truss of the freeze. “Today’s agreement shows that both the UK and the US are determined to work together to build back better and take our trading relationship to new heights.” Image Credit: Shutterstock.com The ongoing feud caught the single malt Scotch industry in the crossfire, and also affected the trade of goods such as cashmere, cheese, and pork. “This is fabulous news, and our industry is delighted,” said Chief Executive of the Scotch Whisky Association Karen Betts, while cautioning that more work must be done to safeguard the whisky trade on both sides of the Atlantic. “The tariff on Single Malt Scotch Whisky exports to the US has been doing real damage to Scotch Whisky in the sixteen months it has been in place, with exports to the US falling by 35%, costing companies over half a billion pounds. “So today, everyone in our industry – from small companies to large – is breathing a sigh of relief. Suspending these tariffs – stemming from a transatlantic trade dispute that had nothing to do with us – and a return to tariff-free trade with the US means livelihoods and communities across Scotland will be protected. “Today is a very good day for Scotch and Scotland,” said Diageo CEO Ivan Menzies. Diageo CEO Ivan Menzies “A continued freeze on spirits duty in yesterday’s Budget, will safeguard thousands of jobs across Scotland and the UK.” Diageo owns Scotch single malt whisky brands such as Lagavulin, the Singleton, and Talisker, and had been heavily impacted by the tariff in the last 18 months. The current trade tariff freeze will last for the next four months and “benefit a wide range of industries on both sides of the Atlantic, and allow for focused settlement negotiations to ensure that our aerospace industries can finally see a resolution and focus on Covid recovery and other shared goals.” It is hoped by the end of this period that a framework will be in place for an Aerospace agreement to be reached, resulting in stronger trade in the US and UK. For more information about the release click here.

See more about - What do Japan’s new whisky regulations mean for your favorite bottle?

The UK Government and liquor industry leaders have welcomed the US Government’s decision to freeze a 25% tariff that has blunted the trade in single malt whisky since 2019.

Then US President Donald Trump installed the tariff in 2019 in response to an ongoing trade war between aerospace companies Boeing and Airbus relating to civil aviation regulations.

The US Department for International Trade (DIT) said on Thursday the new Biden administration had suspended the tariff for the next four months, which should result in better prices on your favorite bottles from Scotland.

“The easier it is for Americans to buy a bottle of Macallan, Talisker, or Glenfiddich, the more money those producers will have to invest in their businesses, their staff, and futures,” said the UK trade minister Liz Truss of the freeze.

“Today’s agreement shows that both the UK and the US are determined to work together to build back better and take our trading relationship to new heights.”

Image Credit: Shutterstock.com

The ongoing feud caught the single malt Scotch industry in the crossfire, and also affected the trade of goods such as cashmere, cheese, and pork.

“This is fabulous news, and our industry is delighted,” said Chief Executive of the Scotch Whisky Association Karen Betts, while cautioning that more work must be done to safeguard the whisky trade on both sides of the Atlantic.

“The tariff on Single Malt Scotch Whisky exports to the US has been doing real damage to Scotch Whisky in the sixteen months it has been in place, with exports to the US falling by 35%, costing companies over half a billion pounds.

“So today, everyone in our industry – from small companies to large – is breathing a sigh of relief. Suspending these tariffs – stemming from a transatlantic trade dispute that had nothing to do with us – and a return to tariff-free trade with the US means livelihoods and communities across Scotland will be protected.

“Today is a very good day for Scotch and Scotland,” said Diageo CEO Ivan Menzies.

Diageo CEO Ivan Menzies

“A continued freeze on spirits duty in yesterday’s Budget, will safeguard thousands of jobs across Scotland and the UK.”

Diageo owns Scotch single malt whisky brands such as Lagavulin, the Singleton, and Talisker, and had been heavily impacted by the tariff in the last 18 months.

The current trade tariff freeze will last for the next four months and “benefit a wide range of industries on both sides of the Atlantic, and allow for focused settlement negotiations to ensure that our aerospace industries can finally see a resolution and focus on Covid recovery and other shared goals.”

It is hoped by the end of this period that a framework will be in place for an Aerospace agreement to be reached, resulting in stronger trade in the US and UK.

For more information about the release click here.

See more about - What do Japan’s new whisky regulations mean for your favorite bottle?

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