Podcast Summary: Bulwark Takes
Episode: Trump’s Trade Wars Are Crushing America’s Bourbon Industry
Date: December 22, 2025
Host: Sam Stein with guests Sonny Bunch and Kathryn Rampel
Episode Overview
This episode of Bulwark Takes dives into the impact of former President Donald Trump’s trade wars—specifically the imposed tariffs—on the American bourbon industry. The discussion centers around the recent shuttering of a Jim Beam distillery in Kentucky, industry boom-and-bust cycles, global trade relationships, and how retaliatory tariffs and anti-U.S. sentiment have devastated exports of American spirits. The hosts explore both the economic and political ramifications while keeping the tone conversational and, at times, light-hearted.
Key Discussion Points & Insights
1. Why Talk Bourbon Now?
- Bourbon industry in crisis: Jim Beam's closure of a Kentucky distillery is the jumping-off point.
- "Jim Beam is shuttering one of its distilleries in Kentucky...consumption habits are changing. But also Trump's Trade wars are having damaging effects." (Sam Stein, 02:00)
- The hosts attempt a bourbon-themed gimmick, but only Sam Stein complies, adding a playful note to the opening.
2. Boom–Bust Cycles and Inventory Challenges
- Unique challenges:
- Bourbon must be aged for years, requiring long-term demand projections.
- Market miscalculations can leave producers stuck with excess inventory.
- Trade War Effects:
- "Trump has ticked off basically all of our trading partners...they are hitting us where it hurts." (Kathryn Rampel, 02:44)
- Response from other countries: counter-tariffs and even boycotts of US-made bourbon and spirits.
3. Export Collapse and Retaliation—The Numbers
- Dramatic decline in exports:
- Canada: US spirit exports down by 80–85%. “That's like an extinction level event.” (Sunny Bunch quoting Distilled Spirits Council, 07:11)
- Other big markets (EU, Japan) also sharply down.
- Canadian Response:
- Some provinces with state-run liquor stores simply took all US-made spirits off shelves. (Kathryn Rampel, 09:15)
4. Counterintuitive Effects for US Bourbon Fans
- Domestic abundance: With fewer exports, bourbon is easier and cheaper to find for US consumers, but the pain is local.
- “All of this benefits me, the bourbon consumer...but it sucks for Kentuckians, it sucks for the people in Kentucky.” (Sunny Bunch, 08:07)
- Job losses: The Jim Beam distillery employed 1,000 people.
5. Political Calculus in Kentucky and Beyond
- Kentucky remains overwhelmingly supportive of Trump, even as distilleries suffer.
- “In 2016, 63% of Kentuckians voted for Donald Trump. In 2020, it’s 62%. In 2024, it’s 64.” (Sunny Bunch, 08:07)
- Politicians in a bind: Hard for Kentucky Republicans to criticize Trump openly while their own local industry suffers.
- “You can’t criticize Dear Leader for these trade wars because you need him to support you. It’s a weird spot.” (Sam Stein, 17:07)
6. International Alliances Forming in Response
- Trade wars driving historic adversaries together (Japan, South Korea, China), forging new economic partnerships to bypass the US.
- “Japan, Korea and China...got together earlier this Year...they do not like each other particularly well. And Trump has managed to bring them together.” (Kathryn Rampel, 12:20)
- The US is inadvertently “uniting the world, we’re just uniting them against us.” (Kathryn Rampel, 13:22)
- Reference to abandoned TPP (Trans-Pacific Partnership) and how countries moved on without the US.
7. Retaliatory Measures: Not Just Tariffs
- Some responses are blunt (counter-tariffs targeting swing industries), others are creative:
- “Maple washing”: disguising American products as Canadian to get around bans. (Sam Stein, 10:00)
8. The Role of Taxes and the Supreme Court
- Kentucky's own tax laws worsen distillery woes—taxed on aging whiskey.
- “If you have barrels just kind of piling up, you end up spending more in taxes.” (Sunny Bunch, 15:23)
- The Supreme Court is likely to strike down Trump’s tariffs, but the damage to goodwill may not be reversible.
- “It doesn’t reignite any sort of global goodwill towards Trump.” (Sam Stein, 18:29)
- “None of that stuff is going to happen. Most likely what's going to happen instead is that the Trump administration is going to try to cobble together other tariff authorities...” (Kathryn Rampel, 18:48)
Notable Quotes & Memorable Moments
- On the trade war’s backfire:
- “Of all of the bizarre economic things that have happened over the last 12 to 18 months, [the trade war with Canada] was by far the weirdest. Like, like trying to pick a fight with Canada made no sense whatsoever.”
—Sunny Bunch (08:07)
- “Of all of the bizarre economic things that have happened over the last 12 to 18 months, [the trade war with Canada] was by far the weirdest. Like, like trying to pick a fight with Canada made no sense whatsoever.”
- On international trade alliances:
- “We're uniting the world, we're just uniting them against us because they're pissed off about our trade policies.”
—Kathryn Rampel (13:22)
- “We're uniting the world, we're just uniting them against us because they're pissed off about our trade policies.”
- On the bourbon boom–bust cycles:
- “They have to guess years in advance what demand is going to be...so they can get stuff wrong. It's hard.”
—Kathryn Rampel (02:44)
- “They have to guess years in advance what demand is going to be...so they can get stuff wrong. It's hard.”
- On retaliatory targeting:
- “They deliberately targeted bourbon...as well as motorcycles, because Harley Davidson has a manufacturing plant...So this was a strategic choice.”
—Kathryn Rampel (17:21)
- “They deliberately targeted bourbon...as well as motorcycles, because Harley Davidson has a manufacturing plant...So this was a strategic choice.”
- On the futility of tariff repeals:
- “Canadians are not going to suddenly be like, all right, well, we'll restock those shelves.”
—Sam Stein (18:29)
- “Canadians are not going to suddenly be like, all right, well, we'll restock those shelves.”
Important Timestamps
- [02:44] — Kathryn Rampel explains the effect of Trump's tariffs on bourbon exports and the industry's vulnerability.
- [07:11] — Sunny Bunch relays the dramatic collapse in Canadian bourbon imports: “an extinction level event.”
- [09:15] — Canadian provinces outright remove US spirits from stores.
- [10:00] — “Maple washing” discussed as a workaround for US producers.
- [12:20]–[13:22] — Kathryn Rampel gives examples of new trade alliances formed in response to US policies.
- [15:23] — Sonny Bunch describes how Kentucky's unique tax structure compounds industry hardship.
- [17:21] — Kathryn Rampel on targeted counter-tariffs and international strategy.
- [18:29–18:48] — The Supreme Court’s role and the difficulty of restoring lost good will.
Tone and Takeaways
- The conversation balances deep policy analysis with warmth and a touch of exasperated humor, especially as the hosts discuss drinking bourbon (or not) on air.
- The consensus: Trump’s trade policies have inflicted lasting harm not only on the bourbon industry but also on America’s international relationships and reputation. While some domestic consumers momentarily benefit from cheaper bourbon, local economies and export markets have been devastated—a reality keenly felt in Kentucky.
- Even if tariffs are repealed, the path to repairing global trust and rebuilding export markets will be long and uncertain.
For more on the ongoing impact of American trade policy—and perhaps a little bourbon tasting—subscribe to Bulwark Takes.