According to Donald Trump's latest posts on Truth Social on July 12th, his plans to introduce 30% tariffs on all imported goods from the European Union and Mexico are set to begin on the 1st August, citing America's trade deficits as the major justification. This announcement has sent shockwaves through the Irish government and business circles.
But will TACO Trump go through with the tariffs this time? Only time will tell. In any case, the markets don't appear to be influenced by the announcement.
This could have large implications for the Irish Economy, particularly in the pharmaceutical and agri-food sectors. Ireland exported over €50 billion worth of goods to the U.S. in 2024 - much of it from multinational companies based here.
Considering Ireland is one of the main pharmaceutical hubs in the EU - this makes us especially vulnerable with over 75,000 jobs currently attributed to the pharmaceutical industry.
EU Commission President Ursula von der Leyen and national leaders stressed willingness to negotiate, yet warned of “proportionate countermeasures”
The EU temporarily delayed its planned €21 bn counter‑tariffs to allow for mediation before the August 1 deadline.
With the deadline approaching in under three weeks, both sides are intensifying negotiations. The U.S. sees tariffs as leverage for a broader trade deal, while the EU is currently exploring alternatives like its new trade agreements with Indonesia and other partners.
The Irish government is now lobbying EU trade representatives to secure exemptions or phased implementation. Finance Minister Paschal Donohoe is expected to address the Dáil on the matter next week, amid growing concern from trade unions and exporters.
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