Transatlantic Tariff Truce Brings Relief to Whiskey and Steel Industries
Whiskey distillers in the US are relieved as the European Union (EU) has agreed to extend the suspension of tariffs on US whiskey until March 2025, avoiding a 50% tax on exports to Europe. The tariffs were initially imposed in response to former President Donald Trump's tariffs on steel and aluminum. American whiskey exports to the EU had declined by 20% from 2018 to 2021, but increased by 29% in 2022. The deal comes as American whiskey faces declining popularity in the US market, with tequila and mezcal surpassing it as the second-fastest growing spirits category.