Lis Truss said U.S. and UK authorities have agreed to suspend retaliation for products such as Scotch whiskey for five years after a long-running dispute.
After a significant increase in space charges over a 17-year period in March, the two countries agreed to a four-month suspension at zero percent for that time.
The new agreement, according to the Department of International Trade, agrees to “suspend retaliation for 5 years”, which would be welcomed by whiskey manufacturers in the UK.
Earlier this year, the Scotch Whiskey Association called the previous 25 percent tariff “unsustainable” and highlighted data showing that exports of single-match Scotch whiskey to the United States had dropped dramatically. ‘One-third.
In a statement on Thursday, Ms Truss, secretary of international trade, said: ‘This agreement will support jobs across the country and is good news for major employers such as Scotch whiskey and aerospace.
“When we became a sovereign trading nation earlier this year, we made the decision to defuse this conflict, which was crucial in breaking the barriers and bringing the United States to the table.”
Former US President Donald Trump imposed the now-defunct tariffs in 2019 in retaliation for EU government support for the aerospace spacecraft. In response, the U.S. imposed fines of up to $ 4 billion on goods and services.