The Irish Exporters Association has warned companies to prepare for the possibility of tariffs being imposed on exports from the EU to the US.
The CEO of the Irish Exporters Association Simon McKeever said: “People need to take this seriously. Any idea that Donald Trump is not going ahead with tariffs is a misconception.”
“People need to start to look at supply chains and see where they are exposed,” he added.
The development comes as the Trump administration levied import taxes on its three biggest trading partners China, Mexico and Canada today.
Last week Donald Trump raised the possibility of tariffs of 25% on goods being exported from the EU to the US.
Such a move would have significant implications for Ireland as a much higher proportion of Irish exports go to America than other European countries.
Ireland exports €72 billion of goods to the US of which €58 billion is pharmaceuticals.
Meanwhile, Permanent TSB has assumed that the European Union will be hit with 10%-15% tariffs on exports to the US, in calculating the amount of capital it has set aside to cover potential loan defaults, it said today.
“There are risks, there’s no doubt about it, but they are risks which are manageable is what I’d say given the government finances,” the mortgage-focussed lender’s CEO Eamonn Crowley said.
Article Source – Irish companies warned to prepare for possible US tariffs – RTE
