Cheers to Lower Tariffs: Scotch Whisky's China Breakthrough

China has agreed to reduce tariffs on Scotch whisky from 10% to 5%, following discussions between UK Prime Minister Keir Starmer and Chinese President Xi Jinping. This decision is projected to benefit UK whisky exporters by an estimated 250 million pounds over the next five years.

In a notable development for UK whisky exporters, China will cut its tariffs on Scotch whisky from 10% to 5%. The reduction is a result of diplomatic negotiations between British Prime Minister Keir Starmer and Chinese President Xi Jinping, announced a spokesperson for the British government on Thursday.

This tariff reduction is a significant win for the UK's beverage industry. Over the next five years, it is expected to add an impressive 250 million pounds, equivalent to $345.35 million, to the value of exports to China.

The decision marks a key milestone in the trade relations between the UK and China, potentially setting a precedent for similar reductions in other sectors.

(With inputs from agencies.)