Business

Biden administration suspends tariffs on Scotch whiskey during the Trump era

Washington DC: The Biden administration has raised tariffs on 25% of Scotch whiskey and other commodities imported from the European Union.

Tariffs were first enacted by the Trump administration after a 17-year trade dispute with the European Union over aerospace subsidies. According to the BBC, tariffs are estimated to bring about $ 830 million in exports to the Scotch industry.

Biden maintained tariffs until the United States and the European Union negotiated a five-year ceasefire this week to end the aerospace conflict.

For the past few years, the United States has been the largest export market for Scotch whiskey.

As quoted in The Guardian, Karenbets, Chief Executive Officer of the Scotch Whiskey Association, said: ..

Other EU products that no longer have to pay a 25% tariff include cashmere, construction vehicles and cheese.

However, tariffs on US whiskey exported to the United Kingdom remain as they were enacted during a trade dispute filed after the Trump administration created tariffs on metals from the European Union, Mexico and Canada.

Industry insiders also want to eliminate these tariffs.

Biden administration suspends tariffs on Scotch whiskey during the Trump era

Source link Biden administration suspends tariffs on Scotch whiskey during the Trump era

Back to top button