The UK has announced it will suspend retaliatory tariffs on US goods, including rum, brandy and vodka, in an attempt to de-escalate the trade conflict over aircraft subsidies.The suspension of the tariffs will go into effect on January 1, 2021, the day after Britain’s economic split from the EU is formalized and the UK becomes an independent trading nation again.
“As the new year approaches, we urge both the U.S. and UK to seek a fresh start to trade relations by immediately suspending tariffs on U.S. and UK distilled spirits as they negotiate an agreement to simultaneously eliminate retaliatory tariffs on distilled spirits, which will benefit the struggling hospitality businesses on both sides of the Atlantic,” wrote The Distilled Spirits Council of the US in a statement following the announcement.
Source: Reuters, DISCUS, December 2020