The Taoiseach has expressed support for a new agreement between the European Union and the United States, which introduces a 15 per cent tariff on most goods imported from the EU into the US, reports Breaking News.
The agreement was finalised following a meeting between US President Donald Trump and the European Commission President on Sunday.
President Trump and European Commission President Ursula von der Leyen met to finalize the specifics of the transatlantic trade arrangement, reports Breaking News.
Responding to the development, Taoiseach Micheál Martin described the deal as a positive step.
“It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world,” the Fianna Fáil leader said, reports Breaking News.
“That is good for businesses, investors and consumers. It will help protect many jobs in Ireland. The negotiations to get us to this point have been long and complex, and I would like to thank both teams for their patient work. We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead,” reports Breaking News.
Mr Martin acknowledged that the higher tariffs would influence transatlantic trade, making it more costly and complicated.
“However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy,” he added, reports Breaking News.
“Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many,” reports Breaking News.
Tánaiste and Minister for Foreign Affairs and Trade Simon Harris also endorsed the deal, noting the assurance it gives to businesses.
“While we have yet to see the detail, I welcome that an agreement has been announced by Commission President von der Leyen and US President Trump. A deal provides a measure of much-needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. Ireland makes a key contribution to this with the Ireland-US economic relationship valued at more than one trillion euros,” Mr Harris said in a statement, reports Breaking News.
“The US had made clear, and this has been replicated in other recent agreements, which the US has reached with other countries, that a baseline tariff was always going to be part of the outcome. I have always stressed that tariffs are damaging and will have a negative impact on companies exporting to the US. While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment,” reports Breaking News.
“President von der Leyen described this as 15% tariffs across the board, all-inclusive,” reports Breaking News.
He emphasized that additional information is needed concerning the pharmaceutical, aviation, and other industries.
Mr Harris stated he will review the agreement’s contents in the coming days to determine how it will affect Irish companies and the overall economy.
Earlier, EU Commissioner Michael McGrath called the meeting a “significant and decisive moment”.
Mr McGrath, EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said the outcome would involve substantial dialogue between the two parties.
“It’s a significant moment, we hope a decisive moment, and it builds on an enormous amount of work that has been done over quite a period of time. President Trump invited President von der Leyen to Scotland for a meeting. This follows on the back of intensive negotiations over a number of months,” Mr McGrath said ahead of the meeting, reports Breaking News.
He added: “It is not a case of turning up and signing on the dotted line. There will be a real discussion that will happen, and it will take on a dynamic of its own, and let’s see what happens over the course of the afternoon. But from the EU’s point of view, we are determined to do all that we can to get a deal for European businesses, because we recognise the cost of uncertainty. It manifests in trade and in investment decisions and ultimately in employment and of course tariffs can cost consumers at the end of the day. We want a good deal. We have negotiated hard, and we’re at a point now where hopefully the two leaders can today bring it to a concluding phase,” reports Breaking News.
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