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Counting the cost of Trump’s Liberation Day tariffs

John O'Loughlin examines the global trade crisis sparked by Trump’s “Liberation Day” tariffs and their sweeping impact on EU exports and businesses US President Donald Trump’s “Liberation Day” announcement marked a significant and historic escalation of the US approach to international trade and tariffs. Exports from the European Union (EU) to the US are now in scope of Trump’s tariffs and some businesses will be significantly impacted by this latest round of measures. Immediate changes and impact  On Wednesday 2 April, the Trump Administration announced wide-ranging “reciprocal” tariff measures. President Trump invoked his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the “national emergency” posed by the large and persistent trade deficit. These measures, imposed on all global trading nations, apply a blanket additional tariff rate on all products imported into the US. As expected, the measures were applied on a country-by-country basis with the following key markets impacted by the following additional tariffs: European Union: 20% United Kingdom: 10% China: 34% Japan: 24% Switzerland: 31% Brazil: 10% Australia: 10% India: 26% South Korea: 25% In addition to the above, a further 60 or so countries will have reciprocal tariffs applied at half the rate they charge the US, according to the Trump administration. These measures are due to be implemented on 9 April. Further to these specific tariffs, all other countries not listed will be subject to a baseline rate of 10 percent, which will be imposed from 5 April and will be in addition to the standard rate of duty (most-favoured nation rate).  The Executive Order imposing the “reciprocal” tariff rates have specifically excluded certain product categories which will not be subject to these new measures. These products include: Steel and aluminium articles already subject to additional tariff measures;  Auto and auto parts already subject to tariff measures implemented on 3 April; Copper; Pharmaceuticals; Semiconductors; Lumber articles; and Energy and certain other minerals that are not available in the United States.  Regarding imports from Mexico and Canada, those that meet the US-Mexico-Canada Free Trade Agreement (USMCA) rules will not be subject to additional tariffs. However, goods that do not meet the rules under the USMCA will continue to be subject to the 25 percent tariffs imposed on 4 March. Trump’s tariffs have created a trade crisis on a global scale affecting companies across all sectors. These tariffs will remain in effect until he determines that the threat posed by the trade deficit— and underlying nonreciprocal treatment—is satisfied, resolved or mitigated. Other tariff measures As announced on Wednesday 26 March, 25 percent tariffs on imports of foreign-made cars came into effect on 3 April. The tariffs will impact cars from all countries with a value-based exception for the US value of cars covered by the USMCA. Additionally, on Monday 25 March, Trump also announced the possibility of a 25 percent additional tariff on countries purchasing oil or gas from Venezuela, with an implementation date of 2 April. As of yet, no tariffs under this measure have been imposed. Further to previous Executive Orders regarding tariffs on imports of Chinese goods, President Trump has signed an Executive Order removing the de minimis treatment for goods of Chinese and Hong Kong origin, effective from 2 May. This order imposes duties on goods valued at or under $800 which would otherwise have qualified for an import duty exemption. USTR Foreign Trade Barriers Report On 31 March, the United States Trade Representative (USTR) published its 2025 National Trade Estimate Report on Foreign Trade Barriers – a wide-ranging report highlighting foreign barriers to US exports, US foreign direct investment and US electronic commerce. Ireland is specifically noted within the report, but references are limited to commentary regarding alcohol labelling and reimbursements related to pharmaceutical products. European retaliatory measures On 12 March, the European Commission announced countermeasures in response to the US tariffs on steel and aluminium products, which it deems "unjustified".  Following a period of consultation, the EU has postponed the implementation of these measures until 15 April. These tariffs range from 10 percent to 75 percent with the majority of products falling within the 25 percent category. Additionally, the EU is set to announce further countermeasures on a wider range of goods. EU reaction On Tuesday 1 April, comments by European Commission President Ursula von der Leyen indicated that the EU is prepared to retaliate against the US, if necessary, in response to Trump's tariff hikes. “Europe has not started this confrontation, we do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it,” von der Leyen said. She further emphasised the significance of the US-EU trading relationship, noting that their trade volume is $1.5 trillion and that one million American jobs rely on this trade. Von der Leyen reiterated that Europe is open to negotiations, stating, "We will approach these negotiations from a position of strength. Europe holds many cards, from trade to technology to the size of our market. However, this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table.” Actions for businesses In anticipation of these tariffs, companies have placed significant focus on analysing their own data and scenario planning for the impact of tariffs. With Trump’s announcement, businesses should shift their focus to tariff mitigation strategies and options, including customs origin, valuation and tariff classification. Duty relief programs should also be considered. It is expected that the EU will push ahead with its retaliatory measures and other countries may look to introduce similar measures. Trump’s executive orders also contain modification authority allowing him to increase the tariff if trading partners retaliate, or reduce the tariffs if trading partners take significant steps to remedy non-reciprocal trade arrangements and align with the US on economic and national security matters. John O'Loughlin, Partner, Global Trade and Customs, PwC Ireland

Apr 04, 2025
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Costs have increased for almost 80% of small businesses in past six months

Costs have increased for almost 80% of small Irish businesses in the past six months, with staff costs the biggest financial challenge faced by SMEs, according to the inaugural SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance. The survey, which will be repeated every six months, will measure and track the experiences, confidence and sentiment of a range of SMEs, including small accounting practices, doing business in Ireland today.   Staff costs the biggest financial challenge  3 in 4 (77%) respondents say that business costs have increased in the past six months, with staff costs the biggest financial challenge facing 2 in 5 (37%). Small practices were particularly challenged by staff costs (cost of salaries and other benefits and compensations), with half citing it as their single biggest financial issue.  Operational costs (24%) and regulatory compliance costs (14%) were the other biggest financial challenges facing SMEs, ahead of working capital management and access to funding. 57% identified regulatory compliance as the area in which they most need government support (rising to 75% amongst small practice respondents).  Eoin Christian, CEO, GRID Finance said    "These findings align with our own research conducted earlier this year – rising costs, particularly staff-related expenses are creating significant pressure on Irish SMEs. While these challenges are real, they also represent an opportunity for SMEs to take stock, streamline operations and invest in smart, sustainable growth strategies. At GRID Finance, we continue to advise our clients to be proactive by forecasting future cash flow needs, exploring flexible funding options and staying ahead of regulatory requirements like auto-enrolment.      “We feel that it's vital that both Government and financial providers evolve in tandem with the changing landscape. With the right supports and partners, Irish SMEs can not only weather this period of cost pressure, but emerge from it stronger, more resilient and better prepared for the future” Auto-enrolment, due to come into effect in January 2026 met with a muted response. Only 2 in 5 (40%) of respondents feel that they have been adequately informed of the steps needed to implement it in time for its planned launch.  Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  “The Government’s announcement that it will defer the launch of auto enrolment to January 2026 is welcome, particularly in view of the feeling of unpreparedness many businesses expressed in this survey.  Many remain very unclear as to what is expected of them in advance of the new system launching. Over the next six months, it is imperative that Government embarks on a concerted communications and awareness campaign to bridge this information deficit and equip businesses with the support and guidance they need to make auto enrolment the success it needs to be.”  Attitudes to & use of Government supports The survey revealed a significant gap between demand for, and uptake of government supports called for by SMEs: Tax relief or incentives – 40% called for these, but only 16% of total survey respondents report availing of them  Access to grants or loans - 31% called for these, but only 30% of total survey respondents report availing of them  Meeting energy costs – 28% called for these, but only 14% of total survey respondents report availing of them.  Attitudes to the effectiveness of the supports are mixed, which may go some way to accounting for the gap between demand and uptake:  5% feel supports for reducing regulatory and compliance burdens are effective.  22% rate access to grants or loans as effective. 23% believe supports for training and upskilling are effective.  Commenting Cróna Clohisey said “There is an evident mismatch between the need for supports and the uptake of those on offer. In the case of tax reliefs and access to grants or loans for example, this may be attributable to a perceived lack of accessibility, particularly for time and resource-constrained SMEs who simply find the application process too cumbersome. While the breath of current Government supports in these areas is positive, further steps need to be taken to ensure that business reliefs such as these are not overly difficult to claim if their effectiveness is to be meaningfully felt by small businesses.”    Mixed profitability and projections for coming year  Almost 3 in 10 (28%) report their business profitability has increased in the past six months, while a similar number (26%) report it has decreased. Small practice respondents reported greater stability, with 56% saying profitability remained the same, and only 15% saying it has decreased. For small business respondents, 30% reported decreased profitability in the past six months.     Despite the various economic headwinds facing the economy, there was a degree of optimism amongst respondents about their prospects for the coming year. 27% of respondents forecasted their business to be either somewhat or significantly better off by this time next year.  Overall, sentiment was more negative than positive however, with 36% saying they will be worse off.  Less optimism in the face of global headwinds   This negative sentiment was also evident when it comes to the broader economic environment, with a majority (74%) feeling less optimistic about the wider economy’s prospects compared to six months ago. Compounding this are ongoing tensions and uncertainty in global trade which have already impacted Irish business sentiment. 62% of respondents report that their business operations have been impacted by global trade tensions and tariffs and only 14% say they are prepared for a further escalation of such tensions.  The SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance can be read in full here.   ENDS About the SME Business Sentiment Survey  The SME Business Sentiment Survey is conducted by Chartered Accountants Ireland and GRID Finance, the Institute’s Official Independent Lender Partner. The inaugural survey was conducted by Coyne Research between 4 and 21 April 2025 and will be repeated every six months. Approximately 300 members were surveyed from organisations employing fewer than 250 people.  

May 22, 2025
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Six questions in six minutes with Sophie Dillon in Toronto

A co-founder with a passion for using her skills and experience for a positive impact, Sophie Dillon took the leap from Kells to Toronto via Dublin. We caught up with Sophie recently to hear her story. 1. Where did you grow up and where do you live now? I grew up in Kells, Co Meath and studied at University College Dublin. Today, I live in Toronto, Canada. I had always wanted to build an international career, and Toronto offered the kind of dynamic, fast-moving business environment I was looking for. 2. What led you to chartered accountancy? Studying Commerce in UCD, I found I really enjoyed the structure and logic of accounting. I’ve always liked solving problems and the qualification offered a solid foundation with broad career options—whether in practice, industry, or something more entrepreneurial down the line. As a child and teenager, I had a real passion for  showjumping and I think if I hadn't come down this road I would have loved a career in the equestrian industry! 3. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I trained with KPMG’s Restructuring department in Dublin, where I worked with businesses navigating financial challenges. From there, I joined KKR, working on their European leveraged credit team, focusing on healthcare investments. I later moved to Canada and held several finance leadership roles, including at an early-stage healthcare startup. Today I’m the co-founder of Orbit Accountants, a firm set up in 2023 to support SMEs across Canada and the US with bookkeeping, payroll, tax and fractional CFO services. I co-founded the company with Malay Matalia who I met in Toronto. We shared a belief that SMEs and growing businesses deserve better access to high quality financial support. Toronto is a global city, and moving here really broadened my perspective, opening up a network I might not otherwise have encountered. 4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The training really sharpens your ability to think critically, assess risk, and communicate clearly—skills that are valuable far beyond finance. As the economy evolves, there’s a real need for professionals who can leverage financial data for strategic insights and support good decision-making. 5. As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas? The designation carries weight internationally, and that’s been important for building trust in a new market. It also creates an instant sense of community—particularly with the strong network of Irish professionals here in Toronto. That network has been valuable both professionally and personally. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland? Networking in Ireland tends to be more informal and relationship-led from the start. In Canada, there’s a bit more structure around it—people are generous with their time, but there’s usually a clear agenda. Both styles have their strengths, and I’ve found that being able to adapt between the two has been a real asset. The common thread in both places is that strong relationships, built over time, always matter. Sophie Dillon is Co-Founder of Orbit Accountants in Toronto.  

May 13, 2025
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