RE: Michael Lindsell crosses 5%16 Nov 2024 14:06
Not sure tariffs are the Donald alone as it's already set in motion for June26
The US imposed a 25% tariff on single malt Scotch whisky imports from the UK in October 2019. The tariff was part of a trade dispute between the US and the EU over subsidies for Airbus and Boeing. The tariff was suspended for five years in June 2021, but will end in June 2026.
The tariff had a significant impact on the Scotch whisky industry, causing exports to the US to fall by 35% and resulting in losses of over £600 million. Smaller distillers were hit hardest. The Scotch Whisky Association (SWA) has called for the US and UK governments to make resolving the underlying dispute a priority.
The US and UK have a long history of trade cooperation, and the Scotch and US whisky industries have been integrated for over a century. The US is a key export market for Scotch whisky, and the industry spends almost £70 million each year on importing US bourbon barrels for maturation.