Whisky business: Investors pin hopes on Trump’s Scotch tariff reversal after dire three years
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- Trump announced on May 1 the removal of the 10% tariff on Scotch whisky exports to the United States, following King Charles III’s state visit.
- U.S. is the single biggest export market for Scotch, accounting for about £933 million ($1.27 billion) in 2025, according to the Scotch Whisky Association.
- John Kennedy, managing director of Decant Index, said the tariff removal will improve exit valuations and liquidity for premium cask investors, especially for recognized distilleries.
- Mark Kent, CEO of the Scotch Whisky Association, called the tariff cut a “significant boost” for the industry.
- Whiskystats data shows the market‑weighted index of the 500 most‑traded Scotch whiskies fell 29.74% over the past three years.
Why it matters: U.S. whisky importers and premium cask investors gain from lower costs and higher liquidity, while U.S. distillers face more competition; the tariff cut lifts cask valuations as U.S. demand for aged Scotch rises.
