The Scottish whisky market has slipped into a supply glut as US tariffs and falling demand weigh on the country's distilleries. Global scotch sales fell 3% in the first half of 2025, marking the third consecutive year of decline after decades of growth, according to the alcohol data provider IWSR. The slowdown comes as distilleries grapple with uncertainty around Donald Trump's trade tariffs, as well as declining rates of alcohol consumption.
Diageo's strong performance in the third quarter was significantly flattered by a number of one-offs, most notably a pull-forward of purchasing in anticipation of tariffs in North America.
