Brown-Forman’s CEO, Lawrence Writing, has stated that the firm has used “cost discipline (to help) offset some of the large burden” from tariffs on its U.S. whisky exports. The tariff burden has been particularly significant in the European Union which accounted for 54.6% of all U.S. whiskey exports. There was a 30.4% slump in shipments year over year from the U.S. to the EU in 4Q as the result of retaliatory duties applied in response to U.S. section 232 steel and aluminum tariffs. That gives Brown-Forman a stake in the success – or otherwise – of EU-U.S. trad...