U.S. whiskey exports dry up as tariffs bite

(Reuters) – American whiskey exports slumped in the second half of 2018, taking a blow from higher duties by the country’s trading partners following President Donald Trump’s tariffs on steel and aluminum imports, an industry group said on Thursday.

For the first six months of 2018, whiskey exports grew 28 percent compared to the same period in 2017, partly helped by companies like Jack Daniels maker Brown-Forman Corp, fast-tracking shipments overseas, especially to Europe, before the tariffs kicked in.

Overall for the full-year 2018, whiskey exports rose 5.1 percent to $1.18 billion, a significant drop from the 16 percent rise seen in 2017.

Exports to the European Union fell 13.4 percent in the second half of the year, after rising 33 percent during the first six months.

Source: https://www.reuters.com/article/us-usa-trade-bourbon/u-s-whiskey-exports-dry-up-as-tariffs-bite-idUSKCN1R2098?il=0

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