Reference: Yahoo! Finance
The following is a statement from Elite Wine & Whisky – Following the news that President Biden has decided to suspend the 25% tariff imposed by the Trump administration on Scotch whisky, there is a lot of optimism in the whisky market. According to the Scotch Whisky Association, the tariff attributed to a fall in exports to the US of 35%, amounting to over half a billion pounds in lost exports. Elite Wine & Whisky therefore expects that the lifting of this tariff will enhance Scottish trade with the US and demonstrate dramatic economic impacts. Although Elite Wine & Whisky does not expect a shift back to a consumption of Scotch whisky in the US to happen overnight, the removal of the tariff is expected to gradually enhance exports of the commodity, increasing the demand for Scotch whisky.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210309005896/en/
Elite Wine & Whisky explains the potential impact of the suspended US tariffs on Scotch whisky collections (Photo: Business Wire)
As discussed by the British International Trade Secretary Liz Truss, “the benefits will be felt across our nation, especially in Scotland, where Scotch whisky distillers will be able to sell at lower prices in the US. The easier it is for Americans to buy a bottle of Macallan, Talisker or Glenfiddich, the more money those producers will have to invest in their businesses, their staff and futures.”
But how will this removal of the tariff impact the global markets? In recent years the global landscape of collections has changed dramatically, with Elite Wine & Whisky noticing an increase in the willingness of the public to take trading into their own hands and invest in a range of commodities through online platforms and investment advisors. This year has demonstrated the global volatility of the markets and poor returns on extremely low interest rates, driving collectors to discover ways to diversify their asset portfolios.
One such way to diversify is taking this opportunity to invest in a luxury commodity with great potential in the coming months following the aforementioned tariff reduction. Elite Wine & Whisky is currently trying to make the whisky market far more accessible to a range of collectors, even those with no prior knowledge of whisky. But why should one invest in whisky over other luxury commodities? With exceptional returns in recent years (between 12-20%), a better question might be ‘why not whisky?’
As with any investment, it is extremely important to make sure you’re in the best hands. Elite Wine and Whisky is one of only a handful of companies globally that has been accepted into the prestigious London International Vintners Exchange, which is considered a great accolade in the industry. Currently, Elite Wine & Whisky has around £20 million under its jurisdiction and they continue to work closely with the world’s finest distilleries. Their mission is to build and maintain a solid foothold in the marketplace that is sufficiently robust as to ensure their clients have autonomy when they wish to grow their portfolio.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210309005896/en/