US Tariff Removal Fuels Record Scotch Whisky Exports to America

In March 2022 the United States removed the 25 percent tariff on single malt Scotch that had been in place since October 2019. The effect on the industry, and on cask valuations, has been substantial.

The original tariff came out of a transatlantic dispute over aircraft subsidies, Boeing versus Airbus, and had nothing to do with whisky on its own merits. While it was in place, US imports of Scotch fell roughly 35 percent between 2019 and 2021. Premium single malt took the worst of it.

Since the tariff came off, US imports have jumped. The Scotch Whisky Association reported exports to the United States at £1.15 billion in 2025, a record, and more than 40 percent above the tariff-era low.

For cask owners, this matters because the US is the world’s largest premium spirits market by value. When American demand is strong, distilleries draw down aged stock faster, independent bottlers compete harder for casks, and secondary prices rise.

There has also been a structural shift on the demand side. American consumers are trading up from bourbon to single malt at record rates, with the over-$100 segment growing roughly 15 percent a year.

Casks bought during the tariff years, when sentiment was weaker and entry prices softer, are now seeing the benefit of that normalisation. We continue to source casks where we think US demand will keep doing the heavy lifting.