Scotch whiskey maker toasts US tariff suspension for five years | International Trade

Whiskey makers are procuring glasses after the UK and US have agreed to suspend retaliatory tariffs on goods Including Scottish malt Escalation of the Atlantic slave trade dispute, which dates back five years, almost 20 years.

Britain’s Secretary of State for International Trade Liz Truss has “historically arranged” with Washington to ensure that tariffs affecting Britain’s exports to the United States worth £ 550 million remain suspended. Was tied.

After the Biden administration agreed to a settlement similar to the EU on Tuesday, as governments on both sides of the Atlantic have taken greater steps to resolve tensions. Aircraft manufacturer Airbus and Boeing subsidies..

The longest-running 17-year controversy in the history of the World Trade Organization has damaged the Tit-for-Tat tariffs on products on both sides due to disagreements over supporting the production of large commercial aircraft.

British goods subject to tariffs (border taxes paid by purchasers of goods in other countries) included cashmere, machinery and single malt scotch whiskey.

The Scotch Whiskey Association talks about tariffs over the last two years – First imposed by Donald Trump – 25% tariffs on single malts have cost more than £ 600 million in exports to the United States, causing tremendous damage to the industry. “The deal removes the threat of tariffs on Scotch whiskey next month, allowing distillers to export to the largest and most valuable export markets,” said Karen Betts, chief executive officer of the trade association. You will be able to focus on your recovery. “

Yorkshire pig growers, Midland’s Stilton cheesemakers, Airshire’s cashmere producers, construction vehicle manufacturers, liqueurs and heartfelt producers were hit by tariffs on tens of millions of pounds of exports.

Britain was involved in the conflict as an EU member state, but eased tensions earlier this year by unilaterally suspending US tariffs.The government said it encouraged the United States to agree 4 months suspension of tariffsUntil both sides negotiate a longer-term agreement.

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The United Kingdom and the United States will now implement the agreement and work together to strengthen cooperation in the large commercial aircraft sector, he said.

It was after Liz Truss met Katherine Tai of the US Trade Representative in London on Wednesday.

“Today’s trade draws lines under incredibly damaging issues, works more closely to challenge unfair practices by countries like China, and builds on the power of free trade. It means we can focus on taking our trade relations with the United States to the next level, including doing so, we’re back better from the pandemic, “Tras said.

Scotch whiskey maker toasts US tariff suspension for five years | International Trade

Source link Scotch whiskey maker toasts US tariff suspension for five years | International Trade

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