Peter Burke, TD and Minister of Enterprise, Trade and Employment, urged business leaders to remain calm during an interview with RTÉ News this morning, reports Westmeath Examiner.
Responding to a question about how company directors should handle new tariffs introduced by the Trump administration, Minister Burke said: “What I would say to people who are considering their position this morning, critically, be calm.
“We will have a measured approach to this. We have and are tackling this problem from a position of strength in the Irish economy. We have 2.8 million people employed. We have a budgetary surplus. Also, what we’re doing in a European context, which I think is clever and calm, is we’re going to assess the response, but [take] a period of time to negotiate,” reports Westmeath Examiner.
He also noted that he will review the difference in tariff rates that will apply to Northern Ireland—10 per cent, as part of the UK—versus the EU rate of 20 per cent.
He added that Europe must remain calm and strategic in its response.
When developing a plan, he emphasized the importance of allowing enough time to negotiate effectively, reports Westmeath Examiner.
He said recent talks with the US had stalled due to officials there being preoccupied with the lead-up to President Trump’s announcement on April 2.
When asked what support the Irish government can provide to businesses, he said: “We work closely with our companies, as we always do, through our state agencies. We have 42 overseas offices that will be looking at diversification, like we did post-Brexit, because we saw a huge amount of opportunity.
“And in every significant challenge, there are huge opportunities. But there are also our primary and secondary consequences that we have to be aware of, because there will be a significant amount of stock and Chinese inventory that will be redirected to other markets. So the EU needs to have a clear and concise approach to that. We need to ensure that we avoid dumping in our marketplace,” reports Westmeath Examiner.
Minister Burke highlighted Ireland and Europe’s strengths in quality and innovation, describing them as essential assets.
“We have diversified… and we see in the Asia-Pacific region, there’s a huge amount of opportunity there for us as a country,” reports Westmeath Examiner.
He also revealed that several US companies are exploring entry into the Irish market. “I can’t tell you the names of those companies, because obviously they’re commercially sensitive”.
He acknowledged the business community’s desire for predictability and suggested that the announcement of tariffs brings some clarity for decision-makers.
“I’m being clear to people that I still see a pipeline for US investment into our economy. It will be challenged. And one of the key areas on the secondary issues that I would be concerned about is Singapore having 10% of a tariff, because they are a significant competitor. So we need to ensure that we control the problems we can, really work on our action plan and competitiveness, which we are, right across government, and continue certainty in our economy. Ireland is open for investment. We have certainty. We have access to a marketplace of possibility in the EU,” reports Westmeath Examiner.
(Minister Peter Burke was speaking on Morning Ireland on RTÉ Radio One.)
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