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Diageo, Bacardi may be last winners from U.S.-U.K. thaw as TPA deadline looms

Cons. Discr. - Apparel 445 Cons. Discr. - Autos 1103 Consumer Staples 730 Industrials - Aero/Defense 190 Tariffs 1764 Trade Deals 973 U.S. 5146 United Kingdom 339

The U.S. and U.K. have signed an agreement to suspend their disputes regarding subsidies for Boeing and Airbus respectively. The structure is similar to that agreed with the EU and will reduce tariffs on U.S. imports of spirits from the U.K. U.S. seaborne imports of whisky and gin fell by 17.4% year over year in Q4’19 when the tariffs were first imposed but have recovered by 10.7% year over year in the three months to May 31. Imports linked to Diageo grew by 19.5% year over year while those linked to Bacardi fell by 45.9%. The Johnson administration’s desire for a full trade deal with th...

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