Pour One Out for Purchasing Power This St. Patrick’s Day
Happy St. Patrick’s Day? Unfortunately, President Donald Trump’s tariffs on booze and other party supplies are a direct attack on Americans’ right to party. The increased cost of beer, whiskey, and festive green knick-knacks will further dampen the party.
Trump recently threatened a 200 percent tariff on booze imported from the European Union. If implemented, this move will reduce supply and increase the price of Americans’ favorite Irish beer and whiskey varieties. “The imposition of tariffs will impact our businesses and our consumers,” said Eoin O Cathain, director of the Irish Whiskey Association. “The trade war puts jobs, investments and businesses at risk and has the potential to be devastating for Irish whiskey.”Â
Uncertainty of future tariffs has already lowered consumer confidence, according to the National Retail Federation. February saw lower retail sales and consumer spending soon after Trump announced his first round of tariffs on Canada, Mexico, and China. Â
But Trump’s trade war keeps expanding, and many Americans’ favorite beers and spirits could soon be victims. Beer imported from Mexico, which makes up 84 percent of total beer imports into the United States, faces a 25 percent tariff set to go into effect on April 2 after numerous delays. (With Cinco de Mayo fast approaching, these tariffs will also affect the $5.2 billion of tequila and $93 million of mescal imported into the United States.)Â
Don’t forget to add the extra
Article from Reason.com
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