The US has announced that it will be suspending tariffs on a range of UK goods, including single malt Scotch whisky.
The BBC reported that the US initially imposed the tariffs in retaliation to subsidies provided to aircraft maker Airbus by the UK. However, it has now agreed to drop these tariffs while the two countries work to reach a long-term settlement.
From 8 March, these tariffs will be relaxed for a period of four months, which is expected to boost the Scotch whisky industry given that the US is an important export market for producers of the spirit.
Head of the Scotch Whisky Association Karen Betts told the news provider that the relaxation of tariffs is “fabulous news”. “Everyone in our industry - from small companies to large - is breathing a sigh of relief,” she added.
The tariff on Scotch whisky and other EU goods was imposed by former US president Donald Trump in 2019. The Guardian reported that the US had taken the steps to remove tariffs on UK goods in January, after the country dropped the tariffs imposed by the EU once it had officially left the trading bloc.
Liz Truss, UK trade minister, commented: “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 their futures.”
As well as being great for those producing Scotch whisky, this news on the relaxation of tariffs in the US is also likely to be welcome for those who have a cask whisky investment.