Yahoo Finance Johnnie Walker maker Diageo welcomes end to tariffs on whisky exports to US
Johnnie Walker whisky giant, Diageo, today welcomed the surprise move by US president Joe Biden to suspend tariffs on millions of pounds of UK exports in what looked like a de-escalation of America’s trade row with Europe.
The Biden administration said it would cut the 25% tariff rate on whisky exports to zero for four months, creating what Diageo chief executive Ivan Menezes described as “a very good day for Scotch and Scotland.”
The tariffs were first imposed by the Trump administration over the row on subsidies given to Airbus and Boeing when the UK was in the European Union.
Menezes said: “We recognise the Government’s tireless efforts, using the UK’s newly independent trade policy, to deliver the suspension and hopefully in time, a permanent end to these punitive tariffs.
“We pay particular thanks to the Prime Minister, Liz Truss, Alister Jack and their teams for speedily negotiating this truce with the new US Administration.
“Final resolution of the aerospace dispute, combined with the announcement of a continued freeze on spirits duty in yesterday’s Budget, will safeguard thousands of jobs across Scotland and the UK.”
Diageo was the biggest beneficiary by far from the truce.
