politics
Trump Removes 10% Tariff on Scotch Whisky Imports
President Donald Trump announced the tariff elimination on May 1 after King Charles III's state visit. The move covers all whisky tariffs including Irish whiskey and comes as the U.S. remains the largest export market for Scotch. Industry figures and investors reacted to the policy shift that follows a sharp decline in whisky values.
May 9, 1:00 AM·2m read1 source
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U.S. U.K. government confirmed. CNBC reported the decision has brought relief to an industry that has faced steep losses.
U.S. 27 billion) in 2025, according to the Scotch Whisky Association. Diageo shares spiked following Trump's decision to remove the tariff.
U.K. U.S. with a 10% levy. 74% over the past three years.
2% lower. The declines coincided with the tariff pressure that began after the 'Liberation Day' measures. John Kennedy, managing director at Decant Index, said Trump's decision to ditch import levies could improve exit valuations for cask investors.
Decant Index is a trading platform for investors to buy and sell alternative collectables, including premium whisky. Kennedy said removing tariffs would reduce friction for importers, distributors and independent bottlers sourcing stock from Scotland, while also strengthening long-term confidence across the industry.
"The biggest impact is likely to be felt at the premium end of the market," he said.
Kennedy said greater demand for aged stock from the world's largest premium whisky market should increase liquidity for mature casks and support valuations over time, especially for recognized distilleries with strong international demand. Entry-level cask investments can start from around £2,000 for younger spirits from emerging distilleries.
Casks from established names such as Macallan, Dalmore or Springbank can trade well into six figures depending on vintage, age and cask type.
