Biden suspends Trump's 25 percent tariff on Scotch whisky, but U.K. tariffs on U.S. bourbon remain
The U.S. and Britain agreed Thursday to a five-year suspension of 25 percent tariffs on certain goods imposed under former President Donald Trump as part of a long trade dispute over subsidies to Boeing and its European rival, Airbus. The Biden administration and the European Union resolved the aerospace dispute earlier this week, paving the way for the suspension of the 2019 retaliatory tariffs. For Britain, which was part of the EU in 2019 but isn't anymore, the highest-profile export hit in the trade war was single malt Scotch.
The 25 percent tariffs on Scotch led a 30 percent drop in exports to the U.S. in the 18 months through March 2021, the Scotch Whisky Association says. Thursday's deal "enables distillers to focus on recovering exports to our largest and most valuable export market," Karen Betts, the whisky association's CEO, tells The Associated Press.
While Scotch can flow more freely to the U.S. now, the same isn't true for bourbon in the U.K. American whiskeys still face a 25 percent tariff in Britain, under a different EU-U.S. trade dispute involving steel and aluminum. "We hope this positive momentum will also lead to the prompt and permanent removal of the EU and U.K.'s tariffs on American whiskeys," said Chris Swonger, chief executive of the Distilled Spirits Council of the United States.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
A Man on the Inside: Netflix comedy leaves you with a 'warm fuzzy feeling'
The Week Recommends Charming series has a 'tenderness' that will 'sneak up' on you
By The Week UK Published
-
Bread & Roses: an 'extraordinarily courageous' documentary
The Week Recommends Sahra Mani's 'powerful' film examines the lives of three Afghan women under the Taliban
By The Week UK Published
-
V13: a 'marvelous and terrifying' account of the Bataclan terror trials
The Week Recommends Emmanuel Carrère's work is 'absolutely gripping'
By The Week UK Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
What's next for electric vehicles under Trump?
Today's Big Question And what does that mean for Tesla's Elon Musk?
By Joel Mathis, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Would Trump's tariff proposals lift the US economy or break it?
Talking Points Economists say fees would raise prices for American families
By Joel Mathis, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published