The US spirits industry has applauded the UK’s decision to suspend retaliatory tariffs on American rum, brandy and vodka once it leaves the EU on January 1.

The US government has announced that the existing 25% tariffs will remain on single malt Scotch for the foreseeable future.

Remy Cointreau expects to report a 9% decrease in revenue for the 2019/20 fiscal year due to the impact of the coronavirus pandemic.

Exports of Austrian wine by value have exceeded estimates as a result of higher prices and a decline in bulk wine.