- June 18, 2021
- Posted by: Stratford Team
- Category: Business
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The U.S. agreed on Thursday to suspend tariffs on single malt Scotch whisky.
The suspension came after the U.S. and the European Union resolved a long-standing trade dispute over subsidies to Boeing and Airbus earlier this week.
The U.S. first imposed a 25% tariff on single malt Scotch whisky — Scotland’s main export — two years ago as part of that trade dispute over aerospace subsidies.
Even though the U.K. is no longer a member of the EU, it belonged to the bloc when the tariffs were originally imposed. The country is also a major participant in Airbus.
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That dispute was resolved earlier this week with a five-year suspension of tariffs on olive oil, cheese and whisky, as well as other products.
In a statement published Thursday, the Scotch Whisky Association said it estimates the industry lost more than $850 million (600 million pounds) in exports…
