US spirits exports rise 10% in 2024 amid tariff fears
April 24 (Reuters) - U.S. spirits exports rose 10% in 2024 to $2.4 billion, according to a report by Distilled Spirits Council of the United States (DISCUS), driven by a surge in supply to the European Union, the biggest export market.
The rise last year came amid fears of the potential return of tariffs on American Whiskeys in 2025, the report added.
WHY IT'S IMPORTANT
The recent trade war tied to U.S. President Donald Trump's trade policy has sparked fears of retaliatory tariffs by the EU, potentially driving prices for U.S. distillers and whiskey makers and adding uncertainty to the 2025 outlook for U.S. spirit exports.
CONTEXT
In April, Trump abruptly paused part of his tariff implementations for 90 days, including on the EU, which was planning to slap the U.S. with further tariffs, allowing room to negotiate lower trade barriers and halting an escalation of the global trade war.
Trump's pause does not apply to the 25% tariffs that he levied on steel and aluminum in March and on autos that started on April 3.
The U.S. President was looking to impose "reciprocal" tariffs of 20% for almost all other goods, affecting about 70% of the EU's exports to the United States.
KEY QUOTES
"Unfortunately, ongoing trade disputes unrelated to our sector have caused uncertainty, keeping many U.S. distillers on the sidelines and curtailing sales growth," said DISCUS President and CEO Chris Swonger.
"The EU's recent decision not to reimpose a retaliatory tariff on American whiskeys and other U.S. spirits is a positive first step toward getting the U.S.-EU spirits sectors back to zero-for-zero tariffs and untangling spirits from these trade disputes," he added.
BY THE NUMBERS
Since the tariffs were suspended in 2022 for three years, American whiskey exports to the EU surged nearly 60% to $699 million in 2024, from $439 million in 2021, according to the Council.
However, American whiskey, which accounted for 54% of all U.S. spirits exports in 2024, fell 5.4% to $1.3 billion.
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