Diageo braces for $150 million tariff hit, unveils $500 million savings plan

(Reuters) – Diageo, the world’s top spirits maker, on Monday forecast a $150 million annual hit from U.S. President Donald Trump’s tariffs, and launched a $500 million cost-savings programme.

“We view the near-term industry pressure as largely macroeconomic-driven, with continued uncertainty impacting both the timing and pace of recovery,” CEO Debra Crew said in a trading statement.

Diageo, the maker of Johnnie Walker whisky and Guinness beer, also reported a 5.9% rise in third-quarter organic sales, and affirmed its full-year forecast.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Sherry Jacob-Phillips)