Brown-Forman Statement on U.S. and U.K. Tariff Agreement

Rhea-AI Summary

Brown-Forman has welcomed the Biden Administration's tariff agreement with the United Kingdom, effective June 1, 2022, reinstating tariff-free trade for American whiskey. This follows the prior removal of EU tariffs on American whiskey on January 1, 2022. The company expressed gratitude to key officials for their roles in achieving this agreement, emphasizing the importance of the Transatlantic alliance for promoting the international growth of U.S. exports, particularly American-made whiskey.

Positive

• Tariff-free trade for American whiskey reinstated between the U.S. and the U.K. effective June 1, 2022.
• Removal of tariffs enhances international market opportunities for American-made products.

Negative

• None.

LOUISVILLE, Ky.--(BUSINESS WIRE)-- Brown-Forman issued this statement regarding the tariff agreement announced today.

“Brown-Forman commends the Biden Administration for today’s tariff agreement with the United Kingdom. As a result of the agreement, American whiskey will again enjoy tariff-free trade between the U.S. and the U.K. as of June 1, 2022. Today’s announcement follows the removal of the EU’s tariff on American whiskey on January 1, 2022.

“We would like to thank Commerce Secretary Gina Raimondo, Ambassador Katherine Tai, U.K. Secretary of State for International Trade Anne-Marie Trevelyan, U.K. International Trade Minister Penny Mordaunt, U.K. Ambassador to the U.S. Karen Pierce, and their teams, as well as lawmakers in the U.S. and in the U.K. for their efforts to achieve this positive outcome.

“As the leading producer of American whiskey, Brown-Forman appreciates the Administration’s unwavering commitment to rebuilding the Transatlantic alliance. The removal of tariffs on American whiskey and other U.S. exports creates more opportunities for the continued international growth of our American-made products.”

–

Lawson Whiting
President and Chief Executive Officer
Brown-Forman Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20220322006131/en/

ELIZABETH CONWAY

DIRECTOR

EXTERNAL COMMUNICATIONS

502-774-7737

ELIZABETH_CONWAY@B-F.COM

SUE PERRAM

DIRECTOR

INVESTOR RELATIONS

502-774-6862

SUE_PERRAM@B-F.COM

Source: Brown-Forman Corporation

FAQ

What is the effective date of the new tariff agreement for American whiskey?

The tariff agreement for American whiskey is effective June 1, 2022.

What recent tariff changes have affected Brown-Forman's business?

The recent tariff changes include the reinstatement of tariff-free trade for American whiskey between the U.S. and the U.K.

How did Brown-Forman respond to the tariff agreement announced on March 22, 2022?

Brown-Forman commended the Biden Administration for the tariff agreement and expressed appreciation for the efforts of various officials.

What was the previous tariff change for American whiskey before the new agreement?

The previous tariff change was the removal of the EU's tariff on American whiskey on January 1, 2022.

What is the significance of the tariff agreement for Brown-Forman?

The tariff agreement is significant as it creates more opportunities for the international growth of American-made products.