The article discusses the potential consequences of President Trump's tariffs on the pharmaceutical sector in Ireland, with expert Jim Power warning that if targeted, it could lead to a significant economic impact. While current tariffs might not seem shocking, the uncertainty surrounding future policies creates a need for Ireland to foster its own industries, particularly in renewable energy. The article emphasizes that past economic crises differ from the current situation, indicating a prolonged impact rather than immediate catastrophic effects, suggesting that strategic planning is necessary for resilience.
"Tariffs are bad but from an Irish perspective, if Trump goes on to focus on the pharmaceutical sector in Ireland, that will be the real nightmare scenario, in my view."
"Pharma is not included currently but this is a temporary reprieve in my view. Pharma, I feel, will be targeted in ways we don't yet know about but it will happen."
"I've long said we need our own industries in Ireland, due to the foreign direct investment risk in this country. It's now essential to build our own industries."
"The tariffs scenario, however, is very different to 2008. That's when the banking sector collapsed and people had borrowed to the hilt. This is not going to be a cliff edge like that."
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