Trump's ‘Liberation Day’: Tariffs to be divided into separate bands and differ by country and industry

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Minister of State at the Department of Enterprise, Trade and Employment Niamh Smyth said Liberation Day in the US is a “very dark day in Ireland”.

She said the impact will be around jobs and particularly around the pharmaceutical sector, which she said “we are most concerned about today”.

“Ireland is the sixth largest for foreign direct investment into the US, which has a value of $351 billion. I think that that has to have an impact on the Trump administration.

“I think his whole election mantra right up to going into office was that he was going to make America great again and his way to do that, is protectionism,” she told RTÉ’s Drivetime.

Ms Smyth said if the pharma sector is hit, it will “have serious implications”.

She said those in the Government Trade Forum, which she sits on, with representatives for Bord Bia, Enterprise Ireland and the IDA, are all looking to protect and galvanise the various sectors impacted.

She noted steel and aluminium, as well as the services industry here, that will also be impacted by President Trump’s incoming tariffs.

“Within Ireland, 80pc of pharmaceutical exports to the US are not finished products. Those products are only components.

“It is important to say that this is going to have a massive effect on his own people in the states,” she said.

Ms Smyth said she believes that the tariffs won’t land well with those living in the US.

She stressed that the Government will have to work collaboratively with its EU counterparts.

“Ursula von der Leyen has Europe’s back. It has Ireland’s back. As we stand to be the most exposed because we do provide that gateway into the European Union as we host American companies,” she said.

When asked whether there was a bilateral meeting between Ireland and the US, Ms Smyth said she “could  not comment”.

“What I can say is that this Irish Government is not going to take knee-jerk reactions. 

"You have cool heads of State, the Taoiseach and Tánaiste, who will act in a very calm, cool and collected manner to box clever in this situation to protect Irish interests,” she said.

She noted the 30 day window for Europe to react to Trump’s tariffs, however she stressed that the EU is not going to wait around.

“I think you will see counter measures after that meeting in Luxembourg (Friday). I think you will see movement quickly enough,” she added.

Ms Smyth said Government will be doing everything to reduce job losses, when asked about the 50,000-80,000 potential job losses that could result from tariffs.

“We will re-calibrate how and where our exports are going and strengthen new trade agreements, with Canada or other member states. That will be the priority for Government,” Ms Smyth added.

Cian O'Broin

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