On Saturday, October 30, the U.S. and European Union (E.U.) came to an agreement to roll back the 25% tariffs that had been imposed on U.S. goods like whiskey in 2018. The deal goes into effect on January 1, 2022, and averts additional tariffs on U.S. products that were set to go into effect on December 1.
The 2018 tariffs on U.S. goods like whiskey, peanut butter and jeans were retaliatory response to the Trump administration’s taxes on E.U. steel and aluminum.
This weekend’s news provides relief for U.S. producers who say that the 2018 tariffs caused a “significant slump” for exports in 2019 and 2020. In March 2021, an agreement between the E.U. and U.S. lifted tariffs for U.S. wine, along with certain other domestic spirits, but tariffs on whiskey had remained until now.
Currently, tariffs between the United Kingdom and the U.S. are still in place.