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Scotch Whisky exports in first half of 2024 reflect global economic headwinds
”By value, the United States remains the largest global market in the first half of 2024. The industry continues to feel the impact of the 25% tariff on Single Malt Scotch Whisky, levied between October 2019 and March 2021, which cost the industry £600m in lost exports and market share.”
When one looks at countries, their sources of national income are complicated. They include personal and corporate taxes, custom duties/tariffs, various fees, sales tax, etc. Several countries have high custom duties on what they define as luxury items (a list that may vary widely by countries).
In many countries, the tax compliance is poor due to off-the-book or black-market operations. It may be cheaper to just bribe the tax collectors than to pay taxes. So, these countries have to get more from customs and fees.
The US has had formal income tax since 1913 - before that, it relied on customs, fees & ad-hoc income taxes (for specific purposes or limited durations).
The talk of global tariffs overlooks these nuances.
If, in the apparent view of the incoming prez, tariffs are meant to punish certain countries, what is /was our beef with Scotland? INMHO, tariffs appeal to the « low-information voter, » the one who is too lazy to look into an issue for the underlying facts. I’m no economist, but I fail to see the usefulness of tariffs, especially as they have been presented as a way to « punish » certain countries. We all know who ends paying the piper.
Comments
In many countries, the tax compliance is poor due to off-the-book or black-market operations. It may be cheaper to just bribe the tax collectors than to pay taxes. So, these countries have to get more from customs and fees.
The US has had formal income tax since 1913 - before that, it relied on customs, fees & ad-hoc income taxes (for specific purposes or limited durations).
The talk of global tariffs overlooks these nuances.
I would argue that apparently half the US electorate has no clue.