Diageo has considerable earnings downside if tariffs are implemented in the US with volumes in the market already declining.

That's still the case today, although Seagram's is now part of the Diageo portfolio, and is produced in the U.S. 7UP remains in operation as well, under the ownership of Keurig Dr. Pepper.

Formed in 1997 through the merger of Grand Metropolitan and Guinness, Diageo is the largest distiller globally by sales. Diageo acquired some of the Seagram assets in 2001, which gave it brands such ...