The surprise move comes as welcome news for the Scotch whisky industry, producers of cheese and cashmere, and many other sectors.
“This is fabulous news, and our industry is delighted. 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. It means that companies can now really focus on recovery – on building back the American market as well as on building back global exports hit by the coronavirus pandemic.”
The move follows theU.K. unilaterally dropping tariffson many U.S. goods following its exit from the European Union, including American vodka, rum, and brandy. However, a 25% tariff on whiskey is still in place at the time of writing.For now, the Scotch whisky industry can breathe a sigh of relief, though it will certainly hope that the suspension can evolve into something more permanent soon. headtopics.comRead more: Forbes »
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