The Scotch whisky industry is hopeful that a new tariff deal with the US will be implemented quickly, saving the industry around £4m a week in lost exports. Tariffs of 10 per cent on sales to the US had been costing the industry 'about £4m a week in lost exports', according to the Scotch Whisky Association. The organisation has been campaigning for a tariff reduction, citing the significant impact on the industry's exports.
The Scotch whisky industry is a major contributor to the UK economy, with exports worth millions of pounds. The industry has been under pressure due to the 10% tariffs imposed by the US in 2019. The tariffs were a response to the UK's decision to leave the EU and the subsequent trade tensions.
The new tariff deal is expected to benefit the Scotch whisky industry significantly, with the Association estimating that it could save the industry millions of pounds in lost exports. The deal is part of a larger trade agreement between the UK and the US, and is expected to be implemented in the coming weeks.
The Scotch Whisky Association has welcomed the new tariff deal, saying that it is a 'positive step forward' for the industry. The organisation has been working closely with the UK government to secure a tariff reduction and is hopeful that the deal will be implemented quickly.
The impact of the new tariff deal will be closely monitored by the Scotch whisky industry and its stakeholders. The industry is expected to continue to grow and thrive, with the reduction in tariffs providing a significant boost to exports.