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The United States has announced a series of new tariffs affecting trading partners around the world, including a proposed 50% tariff on many Canadian alcoholic beverages. At almost the same time, tariffs on Scotch whisky were removed, restoring zero-tariff trade with Scotland’s largest export market.

What, if anything, could these developments mean for the Scotch whisky market?

The United States has officially restored zero tariffs on Scotch whisky imports, with the changes taking effect on Friday, 24 July.

The decision marks the return of tariff-free trade between Scotland’s whisky industry and its largest export market by value. In 2025, Scotch whisky exports to the United States were worth approximately £933 million, despite a challenging trading environment that saw export volumes to the US dip following the introduction of a 10% tariff.

With news this week that the India–UK Free Trade Agreement will come into effect on 15 July 2026, attention is finally turning from negotiation to implementation.

Much of the discussion has focused on reduced tariffs for Scotch whisky entering India. While that will undoubtedly be significant, the broader implications for premium Scotch, casks and the wider whisky ecosystem may prove equally important over the coming years.

By Speyside Capital’s executive chairman, Manoj Karkhanis. Most of the commentary around the UK–India Free Trade Agreement to date has focused on one obvious implication: lower tariffs on Scotch whisky entering India.  But looked at alongside the recent agreement between the UK and the United States to remove tariffs on whisky entirely, a more interesting

The recent easing of tariff tensions between the United Kingdom and the United States, following renewed engagement between King Charles III and Donald Trump, marks an important development for one of the UK’s most valuable export industries. President Trump announced the removal of tariffs on Scotch whisky following the King’s US state visit, describing the

New in Forbes by Paul Kopec, CEO of Speyside Capital Paul Kopec, CEO of Speyside Capital, explores how production pauses in the spirits industry can offer a powerful lesson in long-term capital discipline. Using the example of a major distillery halting production, he highlights that such decisions are not signs of weakness, but rather strategic

New in Forbes by Paul Kopec, CEO of Speyside Capital In a recent Forbes Business Council article, Paul Kopec, CEO of Speyside Capital, takes a structural look at geographic diversification – a key factor in understanding risk and resilience across the global spirits industry. Kopec explains that the degree to which a spirits category is

New in Forbes by Paul Kopec, CEO of Speyside Capital As wealth and asset management become increasingly shaped by digital tools and automation, the value of personal judgement and long-term stewardship remains central to effective portfolio management. In a recent Forbes article, our CEO Paul Kopec reflects on how Scotch whisky cask management offers a