Government ministers are set to be briefed today on how Ireland’s chemical and pharmaceutical exports to the US could decline by half in the coming years if EU retaliatory tariffs match those imposed by the US, reports Breaking News.
Donald Trump is pushing for a 25% tariff on foreign goods entering the US, aiming to boost domestic manufacturing.
The White House has announced that these tariffs will take effect from tomorrow, targeting any country that has “treated the US unfairly.” Mr. Trump has labeled April 2nd as ‘Liberation Day,” reports Breaking News.
Minister for Public Expenditure Jack Chambers will provide an update on the National Development Plan, emphasizing the need for capital investment in this year’s budget.
Last night, Enterprise Minister Peter Burke briefed party leaders on Ireland’s competitiveness ahead of the tariff implementation, reports Breaking News.
Speaking to BreakingNews.ie, Fianna Fáil MEP Barry Cowen welcomed the EU’s decision to delay counter-tariffs, calling it a positive step.
“The US administration’s proposed 200 per cent tariff on EU alcohol imports poses a severe threat to European business, particularly Ireland’s whiskey industry. And the proposed 50 per cent counter-tariff on US bourbon does not help our case for the US to never implement it. The EU has agreed to delay any counter-tariffs until mid-April. In the meantime, it’ll consult with member states and MEPs on what form they should take in relation to the counter proposal,” reports Breaking News.
“I’ve written to the trade commissioner and our own commissioner Michael McGrath, calling on them and the Commission to remove bourbon from the EU countermeasures. Maintaining a a zero for zero tariff status between the EU and US on alcohol is essential I think for industry stability, especially when you consider Irish whiskey exports,” reports Breaking News.
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