US President Donald Trump’s sweeping new tariffs on EU imports are already reshaping trade flows. The implications for Ireland and the next generation of Chartered Accountants are immediate and complex
On 2 April 2025, President Trump introduced a 20 percent blanket tariff on a wide range of European Union (EU) goods entering the United States. Trump’s rationale is to reduce the US trade deficit and repatriate manufacturing jobs. Citing what he described as “unfair advantages” enjoyed by EU exporters, Trump declared the tariffs a “long-overdue correction”.
While he implemented a 90-day pause on tariff enforcement on 9 April following market disruptions, Ireland could emerge as one of the EU’s most exposed economies at the end of this pause.
According to the Central Statistics Office, Ireland exported a record €72.6 billion worth of goods to the United States in 2024 – a 34 percent increase over the previous year. The US is Ireland’s largest non-EU trading partner, with most of those exports coming from the pharmaceutical and medtech sectors.
Pharmaceutical exports alone reached €10.5 billion in February 2025, up from €9.4 billion the previous month, as companies rushed to beat the tariff deadline. This last-minute export surge may give way to a slump in the coming months as demand softens under the weight of new import costs.
Taoiseach Micheál Martin has publicly criticised the US tariffs as damaging and unjustified. He has called for a coordinated EU response, emphasising the importance of a unified stance from the bloc. Ireland is unlikely to take unilateral retaliatory action.
The tariffs may also affect investment flows. The US has long been a major source of foreign direct investment in Ireland, particularly in technology and finance. Uncertainty surrounding trade policy could cause US multinationals to reconsider a future in Ireland.
Implications for Chartered Accountancy students
The impact of this trade dispute goes beyond exporters and political leaders. For those looking to become Chartered Accountants, the tariffs present both challenges and opportunities
- Financial reporting: Accountants must accurately reflect the increased cost of doing business in financial statements. Affected firms may see reduced margins and increased volatility. This will require closer collaboration with finance teams to ensure transparency and compliance.
- Advisory services: Accountants will play a crucial role in helping clients reconfigure supply chains and explore alternative markets to reduce US dependency. Strategic scenario planning and cost-benefit analysis will become vital advisory tools.
- Tax planning: Cross-border tax considerations may shift as firms relocate operations or restructure to minimise tariff exposure. Understanding the nuances of tax will be increasingly important.
- Risk management: Scenario planning is more important than ever, particularly for firms in export-heavy sectors. Accountants will be called on to assess exposure, and model worst-case outcomes for business continuity.
From trade policy to practice
The tariffs announced by Trump on his “Liberation Day” represent a seismic shift in US-EU trade dynamics.
This is a timely reminder for Chartered Accountancy students that geopolitics and trade policy are not abstract topics – they shape the very real business environments in which accountants must operate. Understanding international trade, tax and advisory skills is no longer optional for your success.
Global finance is in a period of turmoil and Chartered Accountants must be just as comfortable navigating trade wars as they are auditing the books.
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