Finance Minister Paschal Donohoe has warned that Ireland and the EU are facing a volatile economic period due to escalating trade tensions with the US. Cabinet members expressed concerns that trade tariffs could lead to increased prices for households and businesses. The Taoiseach announced that Budget 2026 will not include cost-of-living supports, contrary to previous measures. Collective responses to impending US tariffs are expected, especially regarding pharmaceuticals, as the government consults with companies and the European Commission on potential tariff impacts.
As the trade tensions between the EU and US continues to escalate, Cabinet members including Finance Minister Paschal Donohoe have warned that trade tariffs could bring with them increased prices for households and businesses.
The Taoiseach said that cost-of-living supports introduced to help households during high inflation will not feature in Budget 2026, citing a challenging budget perspective.
Mr Martin emphasized that Europe will have to respond collectively to the US tariffs, highlighting the importance of public consultation amongst companies and governments.
Concern over trade tariffs potentially impacting the pharmaceutical sector in Ireland was raised, with the Taoiseach questioning the logic of imposing tariffs on medicines.
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