Taoiseach Micheál Martin has stated that there will be "secondary effects" on the Irish economy following US President Donald Trump's announcement of a 25% tariff on all steel and aluminium products entering the United States.
Mr. Trump revealed the tariffs last night and cautioned that additional reciprocal tariffs would be unveiled early this week.
Speaking to reporters in Brussels this afternoon, Mr. Martin said:
"Obviously, there will be some secondary effects in terms of Irish [products] perhaps, but not primary."
He said the European Commission had done a lot of scenario planning and would be engaging further with the US government.
"There may be further developments on that front, but that remains to be seen," he said.
Mr. Martin had just met with the President of the European Council, António Costa, and earlier had a meeting with the President of the European Parliament, Roberta Metsola.
Speaking to reporters, he said:
"We believe tariffs are not conducive to economic growth. Ireland believes in a freer trade environment.
"We're a small, open economy, and I believe that free trade has led to the largest rise in prosperity globally in recent decades."
While acknowledging the rise of protectionism globally, the Taoiseach highlighted the Covid-19 pandemic as a clear example of the interdependence between countries in trade, noting that around 50 states contributed to the components of a single vaccine.
When asked if he was concerned that President Trump might target Ireland as part of his plan to bring manufacturing back to the US or address what he views as the extraterritorial taxation of US corporations, the Taoiseach emphasized the need for a global approach to taxation. This, despite Mr. Trump’s decision to withdraw the US from the Organisation for Economic Co-operation and Development (OECD) framework on corporate tax.
Mr. Trump revealed the tariffs last night and cautioned that additional reciprocal tariffs would be unveiled early this week.
Speaking to reporters in Brussels this afternoon, Mr. Martin said:
"Obviously, there will be some secondary effects in terms of Irish [products] perhaps, but not primary."
He said the European Commission had done a lot of scenario planning and would be engaging further with the US government.
"There may be further developments on that front, but that remains to be seen," he said.
Mr. Martin had just met with the President of the European Council, António Costa, and earlier had a meeting with the President of the European Parliament, Roberta Metsola.
Speaking to reporters, he said:
"We believe tariffs are not conducive to economic growth. Ireland believes in a freer trade environment.
"We're a small, open economy, and I believe that free trade has led to the largest rise in prosperity globally in recent decades."
While acknowledging the rise of protectionism globally, the Taoiseach highlighted the Covid-19 pandemic as a clear example of the interdependence between countries in trade, noting that around 50 states contributed to the components of a single vaccine.
When asked if he was concerned that President Trump might target Ireland as part of his plan to bring manufacturing back to the US or address what he views as the extraterritorial taxation of US corporations, the Taoiseach emphasized the need for a global approach to taxation. This, despite Mr. Trump’s decision to withdraw the US from the Organisation for Economic Co-operation and Development (OECD) framework on corporate tax.
