The announcement of a 20% tariff on the EU by the Trump administration is projected to cost Irish firms an additional €3.6bn in tariffs, according to Ibec. While only 25% of Irish exports will be directly affected, the sectors hardest hit include food, drink, and medical devices. The tariffs will also elevate the effective tariff rate to 6.8%, potentially leading to an export loss of €4bn-€6bn in the next year. Ibec urges for immediate policy action from the Government to support companies facing these challenges.
Following Trump's announcement of a 20pc tariff on the EU, Ibec estimates Irish firms will face an additional €3.6bn in tariffs impacting exports.
The 20pc levy on EU countries will increase the effective tariff rate to 6.8pc, leading to a predicted loss of €4bn-€6bn in exports.
The direct impact is a mere 3pc of our exports but could result in larger repercussions with potential future U.S. trade measures.
Ibec's Fergal O'Brien emphasizes the need for immediate policy response to mitigate initial trade impacts and prepare for subsequent waves of consequences.
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