Scotch whisky distillers hail suspension of US tariffs

Scotch whisky distillers have hailed the scrapping of tariffs imposed on the industry by the US in a spat with the European Union over subsidies on Boeing and Airbus planes. The Trump administration imposed the 25% duty on single malts in 2019 costing the industry an estimated £500mln in lost export sales. US tariffs on whisky and some other products have now been suspended for four months to give time for a permanent deal to agreed and signed. The move by the Biden administration follows the lifting by the UK after Brexit of tariffs on some US goods imposed by the EU. A joint statement said: "The United Kingdom and the United States are undertaking a four-month tariff suspension to ease the burden on industry and take a bold, joint step towards resolving the longest-running disputes at the World Trade Organisation. "This will allow time to focus on negotiating a balanced settlement to the disputes, and begin seriously addressing the challenges posed by new entrants to the civil aviation market from non-market economies, such as China." Other products to have had US tariffs suspended include cheese, cashmere and some machinery.