The UK has also removed their retaliatory tax for whiskey and bourbon products that originate in the US, giving companies on both sides of the Atlantic a reason to celebrate. Although the tax relief began on 1st June, 2022, what is the expected result for the whiskey industry? Find out in this article.
How do UK whiskey makers that export to the US benefit?
The United States and China have signed a first-phase trade agreement earlier this week. This is potentially a big step in the right direction. Potentially, as the latest deal is just a small step and in no way guarantees an end to a trade war which has had a big effect on global trade.
The trade war has brought uncertainty to both the American and the global economy, with a negative impact on business investments.
Earlier this week we published the latest edition of our monthly overview of trade agreements. The United States doesn’t only sign trade agreements, they also have a lot of trade disputes. The number of disputes seems to have gone up after Trump took office. The New York Times posted a great overview of his current trade disputes.
A Trade War with China
For the past 17 months, the world’s top two economies have been locked in the biggest global trade war since the 1930s.
Bad news for many companies both in Europe and in the United States. The World Trade Organization has granted the United States permission to tax up to 7.5 billion us dollars of EU Exports starting October 18th. The World Trade Organization granted the permission after complaints were lodged by the United States against the European Union for subsidizing Airbus.