New retaliatory tariffs on alcohol kick in today
New developments in the trade war between the United States and the rest of the world are set to escalate today. After the US affirmed further trade sanctions on $200 billion worth of Chinese goods, Beijing responded with its own additional tariffs on $60 billion of imported US products—which include a 10-percent tariff on beer, wine, and spirits. The measures are set to go into effect today.
“Tariffs rarely benefit anyone and the alcohol industry, along with Americans who enjoy a glass of their favorite beer, wine, or spirit, is no exception,” said Jackson Shedelbower, communications director of the restaurant trade association American Beverage Institute (ABI). “US imposed trade penalties are an extra tax on American businesses and consumers, while retaliatory tariffs instituted by foreign governments cripple expansion into foreign markets.”
These recent developments follow broad tariffs that were imposed on imported steel and aluminum earlier this year. Those measures negatively impacted many US industries—notably American beer producers that fill and sell roughly 36 billion aluminum cans and bottles annually.
“While short-term tariffs may be useful as a negotiating tactic,” said Shedelbower, “a drawn-out trade war will inevitably hurt businesses, individuals and the broader economy. The US and foreign leaders need to return to the negotiating table before the situation escalates further.”
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