June 18 (UPI) — President Joe Biden has lifted a 25% tariff on Scotch whiskey and other goods being imported from the European Union.
The tariffs were imposed by the administration of former President Donald Trump during a 17-year trade dispute with the European Union over aerospace subsidies and were estimated to cost the Scotch industry about $830 million in exports, BBC News reported.
The United States and European Union ended the aerospace dispute when they reached a five-year truce this week.
The United States is the largest market for Scotch whiskey exports.
“The deal removes the threat of tariffs being reimposed on Scotch whiskey next month and enables distillers to focus on recovering exports to our largest and most valuable export market,” Karen Betts, chief executive of the Scotch Whisky Association, said according to The Guardian.
Makers of cashmere, construction vehicles, cheese and other goods will also see relief.
Tariffs on U.S. whiskey going to Britain remain as part of a different trade dispute instituted after the Trump administration created tariffs on metals from the European Union as well as Mexico and Canada.
Industry officials hope the momentum will lead to resolution of those tariffs.
