Whisky makers can hold up a glass to President Trump at their boozy brunches this weekend after the president announced that he would remove tariffs on Scotch whisky in the United States.

“In Honor of the King and Queen of the UK, who have just left the White House, soon headed back to their wonderful Country, I will be removing the Tariffs and Restrictions on Whiskey,” Trump wrote on Truth Social on Thursday. ”The King and Queen got me to do something that nobody else was able to do, without hardly even asking! A wonderful Honor to have them both in the USA.”

Maybe the king and queen should visit more often!

Who wins: The largest whisky makers in the European Union include Johnnie Walker producer Diageo (DEO), Jameson maker Pernod (PRNDY), Remy (REMYF), and Wild Turkey maker Campari.

EU beverage brands already carry meaningful tariff exposure. The US has set broad tariffs of 15% on European imports and 10% on imports from the UK, Jefferies analysts noted. The 15% tariffs were struck down and subsequently replaced by 10% duties.

Jefferies breaks down the companies’ tariff exposures:

• Remy has a net tariff impact of 25 million euros (a 20 million euro impact from US tariffs and 5 million tariff impact in China), or 15% of the group’s operating profits.

• Pernod’s 35 million euro drag is about 1.5% of operating profits.

• Campari’s 15 million euro impact (35 million euro gross impact annually) represents about 2.4% of group profits.

• Diageo has flagged $200 million gross exposure.

With tariffs being dialed back, these players should see solid relief to their operating profit lines. The largest winner appears to be Diageo; Jefferies estimates operating profits will be lifted by 1.7%.

Read more: What Trump’s tariffs mean for the economy and your wallet

Don’t forget: US spirits sales declined by 2.2% in value last year, according to data from The Distilled Spirits Council, as consumers sought out ready-to-drink cocktails and cut back on alcohol more broadly. American whiskey sales fell 0.9%.

The bottom line: With pressured top lines, alcohol makers will surely welcome the tariff relief from Trump. But don’t expect the stock prices of Diageo and others in the space to rip higher until there is a sense of top-line stabilization, which may be hard given the shift to healthier lifestyles.