WASHINGTON D.C.: The Biden administration has lifted a 25 percent tariff on Scotch whiskey, as well as other goods imported from the European Union.
The tariffs were first enacted by the Trump administration following a 17-year trade dispute with the European Union over aerospace subsidies. The tariffs were estimated to cost the Scotch industry about $830 million in exports, according to the BBC.
Biden had maintained the tariffs until the United States and European Union ended the aerospace dispute by negotiating a five-year truce this week.
In past years, the United States has been the largest market for Scotch whiskey exports.
"The deal removes the threat of tariffs being reimposed on Scotch whiskey next month and enables distillers to focus on recovering exports to our largest and most valuable export market," said Karen Betts, chief executive of the Scotch Whisky Association, as quoted in The Guardian.
Other EU products no longer needing to pay the 25 percent tariff include cashmere, construction vehicles and cheese.
However, tariffs on U.S. whiskey exported to Britain remain intact, having been enacted during a trade dispute instituted after the Trump administration created tariffs on metals from the European Union, as well as Mexico and Canada.
Industry officials also hope to see an end to these tariffs.