U.S. whiskey exports have fallen by 27 percent to the European Union, the product's largest export market, caused by retaliatory tariffs imposed by the 27-nation alliance, a trade group said last week. (Photo by Bryan Woolston/Getty Images) Getty ImagesTrade groups that represent the American spirits industry are expressing relief that the Biden Administration and the European Union have temporarily issued a detente on most of the trade war that’s causing great economic damage to their respective spirits industries. “The suspension of these tariffs on spirits is happening at a critical time for the U.S. hospitality industry. U.S. whiskey exports have fallen by 27 percent to the European Union, the product's largest export market, caused by retaliatory tariffs imposed by the 27-nation alliance, a trade group said last week. These exports to the EU have declined by 37% and to the UK by 53% since the tariffs were imposed.

Source: Forbes March 05, 2021 21:33 UTC