Hey, everyone. It's me, Sam Stein. Managing Editor at the Bullwork, and I'm joined by Sunny Bond,

and Catherine Rampel for a segment on bourbon and what is happening to the industry because of

Trump's trade wars. We had agreed when we decided to do the segment that we were all going to drink

bourbon, and then it turns out that I'm literally the only one who has bourbon.

Got you.

I'm going to pour it.

Okay, Sam, you need to disclose what time of day we are recording this.

It's 9.30 p.m. It's 12.30 p.m.

Whatever. This was supposed to be the gimmick here, and you guys abandoned me.

Sorry.

All right. The real reason we're doing this is because Jimbeam is shuddering one of its distilleries in Kentucky.

There are a couple of different ways to look at this, but I think the fairest way is that the industry is changing.

Consumption habits are changing, but also

Trump's trade wars are having damaging effects. So because Sonny is more of a bourbon

enthusiast than an economics report, or no offense, Sunny, I'm going to go with Catherine

to take the first stab at what the hell is going on here.

So to be clear, the bourbon industry does have these boom bust cycles pretty regularly,

in part because they have to guess a few years in advance what demand is going to be.

I think you have to, for it to be legally called bourbon, I think it needs to have been barrel aged for at least two years, but often it's longer than that. So they can get

stuff wrong. It's hard. However, the chances of getting things wrong this year were really high

because of Trump's tariffs, because Trump has ticked off basically all of our

trading partners.

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