The United States and the United Kingdom have confirmed to end the number of costly tariffs from June 1, 2022, on several products, including whiskey tariffs.
The White House says in a press release the deal allows historically based sufferable volumes of U.K. steel and aluminum products to enter the U.S. market without applying Section 232 tariffs.
In addition to novel smelt and cast requirements on aluminum, the deal also requires that any U.K. steel company owned by a Chinese entity must undertake an audit of its financial records to assess influence from the Chinese government.
Results of these audits must also be shared with the United States, the White House says.
The Toasts Not Tariffs Coalition lauded the move as joining the negotiations. U.S. Commerce Secretary Gina Raimondo and U.K. Anne-Marie Trevelyan, Secretary of State for International Trade.
With the removal of these tariffs on American whiskey, the U.S., U.K., and there will be no further retaliatory duties on E.U. distilled spirits and wines.
The Toasts Not Tariff Coalition consists of U.S. trade associations representing the entire three-tier chain of the U.S. beverage alcohol sector (i.e., at the manufacturer, importer, wholesaler, and retailer levels) united in opposition to U.S., E.U. and U.K. tariffs. . Beverage Alcohol Products, states the Distilled Spirits Council of the United States.
Mark Kent, Chief Executive of Scotch Whiskey Association, said, “The return of tariff-free trade for whiskey after several years of significant economic pain is a welcome respite for industries on both sides of the Atlantic.
The suspension of U.S. tariffs on single malt Scotch whiskey announced in June last year coincides with the suspension of U.K. tariffs on bourbon and American whiskey – given the long-standing link between our industries to boost the Scotch whiskey industry, less No less trade-in casks.”