Investing.com -- Shares in Diageo climbed nearly 2% on Friday after Donald Trump announced he would remove tariffs on whisky imports following a visit to the White House by King Charles and Queen Camilla.

"In Honor of the King and Queen of the United Kingdom, who have just left the White House, soon headed back to their wonderful Country, I will be removing the Tariffs and Restrictions on Whiskey having to do with Scotland’s ability to work with the Commonwealth of Kentucky on Whiskey and Bourbon," Trump wrote on Truth Social.

He said that the royals "got me to do something nobody else was able to do, without hardly even asking."

The whisky industry has been squeezed by higher levies and declining alcohol consumption. The Scotch Whisky Association estimates the charges have cost the industry £4 million a week.

Diageo, whose spirit brands include Johnnie Walker, Talisker and Lagavulin, said last year it would cut production at some distilleries to offset weaker demand.

The U.S. and U.K. struck a trade deal in 2025 that left a 10% baseline tariff on most British goods, including whisky, in place — down from the 27.5% rate Trump had initially announced.