The UK and US have agreed to a five-year suspension of punitive tariffs on goods including Scotch whisky, pork and Stilton, and to cooperate more closely on tackling unfair trade practices by non-market economies.
Commenting on the deal, Chief Executive of the Scotch Whisky Association Karen Betts said:
This is very good news for Scotch Whisky. The past two years have been extremely damaging for our industry, with the loss of over £600m in exports to the United States caused by a 25% tariff on Single Malt Scotch Whisky imposed as a result of the long-running dispute between US and European aircraft manufacturers. This deal removes the threat of tariffs being reimposed on Scotch Whisky next month and enables distillers to focus on recovering exports to our largest and most valuable export market.
AHDB's International Director Phil Hadley welcomed the news of the suspension for 5 years, adding that this gives UK exporters the opportunity to grow their markets competitively over that period without the addition of a 25% tariff.
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