Breaking news from the U.S. whiskey industry – a new ray of hope has emerged as the European Union confirmed the extension of the suspension of tariffs on U.S. whiskey until March 31, 2025. This development comes as a welcome relief, particularly as a looming 50% levy had been set to take effect in 2024 as part of a trade dispute dating back to 2018 between the U.S. and the European administration.

The industry received commendable support from the Biden administration, with Chris Swonger, CEO of Distilled Spirits Council, expressing his gratitude for the extended suspension of the EU’s retaliatory tariffs on American Whiskeys. He noted, “This agreement is welcome news for U.S. distillers across the country who were facing the reimposition and doubling of the EU tariff to 50% in the new year.”

Since the EU suspended its 25% retaliatory tariff on American Whiskeys in January 2022, the U.S. distilled spirits industry has been striving hard to regain ground in the EU market. The positive news is that their efforts have paid off, with American Whiskey exports to the EU rebounding to surpass pre-tariff levels.

Some of the well-known American whiskey brands, which are set to benefit from this gratifying news, include Brown-Forman’s (NYSE:BF.A) (BF.B) Jack Daniels, Beam Suntory’s Jim Beam, Brown-Forman’s Woodford Reserve, Campari Group’s Wild Turkey, Diageo’s (DEO) Bulleit, Michter’s, Heaven Hill’s Evan Williams, Seagram’s Seven Crown, Sazerac’s Southern Comfort, and Beam Suntory’s Maker’s Mark.