The US and the UK have reached an agreement over the suspension of tariffs on scotch whisky, according to a report in Spectator Magazine on Thursday.

Coffee House said that a new arrangement has been agreed to by Britain’s International Trade secretary Liz Truss and the new Biden administration. 

The US has reportedly agreed to a 4-month suspension of tariffs as of today. In that time, the two sides will try to reconcile the Boeing-Airbus dispute.

Since the introduction of tariffs, exports of single malt Scotch whisky dropped by over third — reaching more than £500 million in losses since October 2019. 

The administration of Donald Trump had slapped harsh tariffs of 25% on the import of food, wine, and spirits from the European Union, including on Scotch whisky, which the industry warns could be harmful to its future.

Boeing vs Airbus

President Trump said that the tariffs were a response to the EU state support for multinational aerospace corporation Airbus. The EU, conversely, claims that American airplane manufacturer Boeing is likewise unfairly subsidized.