In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you think about the possible tariffs from the US?
Patrycja Pisarczyk
Grant Thornton
Donald Trump’s tariffs, particularly on goods from China and the EU, risk destabilising global supply chains Irish companies rely on.
Businesses, especially Irish SMEs, will face significant pressure in formulating contingency plans to address potential outcomes due to the imposition of tariffs.
While this is disruptive to the economy we know today, I believe that where there is risk and uncertainty, there is also opportunity.
Such instability in the market will no doubt test the resilience and adaptability of Irish businesses, but there is potential for entering new markets and supply chains which have been disrupted by the US–China tensions, allowing firms to position themselves advantageously in this shifting landscape.
I anticipate increasing dependency on advisory and cross-border tax services. From a professional development perspective, I am excited to gain invaluable first-hand experience in the rapidly evolving economy.
Varun Reddy Varala
PWC
In 2024, Irish goods exports hit a record €224 billion, with €72.6 billion flowing to the United States — much of it made up of pharmaceutical products.
With around 80 percent of these exports comprising medical and pharmaceutical goods, a 25 percent tariff would threaten investments, tax receipts and nearly 80,000 jobs.
Ireland’s role in global supply chains raises the stakes even further.
For Instance, County Mayo is home to the world’s only facility that manufactures Botox, making it a vital player in international pharmaceutical production. It is particularly vulnerable if tariffs are widened to cover medical goods.
Still, there are grounds for cautious optimism. Exports to the EU (€88.5 billion) continue to grow steadily, and Ireland’s strength in food, IT and services markets provides a valuable buffer.
While the risks are real, Ireland’s strong regulatory environment, export reputation and ability to adapt may help us weather the storm ahead.
Egle Urbonaite
EY
The recent tariffs imposed by Donald Trump have caused some concern for people in Ireland.
In 2024, almost a third of Irish exports went to the US, which provides some perspective on how many businesses will be affected.
One of Ireland's most exported industries includes dairy products. As the US customer is paying these higher prices, sales of Irish-sourced products are expected to decline.
There is a considerable concern for US pharmaceutical companies located in Ireland, as most of them have significant dealings with the US. If they were to relocate due to decreasing profitability, this would massively impact local economies within Irish towns.
The tariffs currently imposed on Ireland aren’t significant, but the impact we may see further down the line is still of concern.
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