US spirits exports rose 10% in 2024 to $2.4 billion, driven by a surge in supply to the European Union, according to a report by Distilled Spirits Council of the United States (DISCUS). This growth comes amid fears of the potential return of tariffs on American Whiskeys in 2025.
The recent trade war sparked fears of retaliatory tariffs by the EU, potentially driving prices for US distillers and whiskey makers. However, US President Donald Trump paused part of his tariff implementations for 90 days in April, allowing room to negotiate lower trade barriers.
This pause applies to the 25% tariffs on steel and aluminum levied in March and autos that started in April, but not the “reciprocal” tariffs proposed by Trump. The EU had planned to slap US with further tariffs, which would have added uncertainty to the 2025 outlook for US spirit exports.
According to DISCUS President and CEO Chris Swonger, ongoing trade disputes have caused uncertainty, keeping many US distillers on the sidelines and curtailing sales growth. However, the EU’s decision not to reimpose a retaliatory tariff on American whiskeys is a positive step towards resolving trade tensions.
In recent years, American whiskey exports to the EU have surged nearly 60% since tariffs were suspended in 2022. In 2024, US spirits exports accounted for $1.3 billion, with American whiskey making up 54% of total exports.
Source: https://finance.yahoo.com/news/us-spirits-exports-rise-10-141804206.html