The latest $7.5 billion round of tariffs on goods from the E.U. comes from a dispute about planes.
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The US government announced yesterday a 25% tariff on all single malt Scotch whisky imports, as part of a wider set of tariffs aiming to punish the European Union. Taking effect October 18th, the U.S. Trade Representative’s office released a list of hundreds of goods that will get hit hard beyond whisky. It includes Parmesan cheese from Italy, olives from France and Spain, wool clothing from the U.K, and European aircraft. The overall list covers approximately $7.5bn of goods.So why is this happening? It all has to do with planes, rather than the tariffs that the E.U. had placed on Bourbon in 2018 .
It certainly is a major piece of bad news for the Scotch whisky industry, as the U.S. is its largest market. Overall Scotch whisky exports to the US last year were worth $1.3bn, accounting for over a fifth of total global exports by value. The U.S. single malt market itself is worth $463 million dollars, over a third of the entire global Scotch single malt market.
With Christmas shopping coming up, you can probably expect single malt sales to suffer. As an example of what could potentially happen,
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