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Trade wars 'not good'

BBC Radio 5 Live

Wake Up To Money

Whisky
Thinkstock

"Trade wars are not good for global growth," Laura Lambie senior investment director for Investec Wealth & Investment, told Wake Up To Money.

She was responding to the new US threat to add $4bn tariffs to EU goods, including Scotch whisky.

"Despite the temporary reprieve we've had on the back of the G20 announcement that trade talks will resume between the US and China, [tariffs] are an ongoing problem that we're going to have to deal with."

US threatens EU with more tariffs

Whisky production
Scotch Whisky Association

The US government last night ratcheted up pressure on Europe in a long-running dispute over aircraft subsidies, threatening tariffs on $4bn of additional EU goods.

The US Trade Representative’s office released a list of additional products - including olives, Italian cheese and Scotch whisky - that could be hit with tariffs, on top of products worth $21bn that were announced in April.

The US said it was adding 89 tariff sub-categories to its initial list, including a variety of metals, in response to public comments, but gave no further explanation.