Cheers to the End of the Alcohol Tariffs!
Featured In: The New York Law Journal | Written By: Asher Rubinstein | Assisted by: Craig S. Tarasoff, Associate | Partner at Gallet Dreyer & Berkey, LLP
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There will be no tariffs for the next five years, while the parties work on a comprehensive settlement. You may have noticed that the price of wine, whiskey and other alcohol products from Europe have been higher lately. This is the result of a 25% tariff imposed by the Trump administration beginning in 2019, based on a dispute with the European Union over government subsidies to the aircraft industry. U.S. importers of alcoholic beverages, along with distributors, retailers, restaurants and consumers, all paid more as a result.
On June 15, 2021, the United States and European Union agreed to a framework to end the trade dispute. There will be no tariffs for the next five years, while the parties work on a comprehensive settlement. Our clients in the beverage and hospitality industries have raised their glasses in celebration, and so should consumers.