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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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Tax UK
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Five things you need to know about tax, Friday 4 July 2025

In Irish news this week, Revenue has revised its guidance on the VAT waiver of exemption following the High Court decision in the Killarney Consortium case and Revenue has also updated its guidance on Relevant Contracts Tax (RCT) to clarify the application of RCT on contracts involving both the sale of land and provision of construction services. In UK news, the latest Tax Gap data has been published and HMRC is seeking agent volunteers to take part in testing during phase two of delivery of its Import One Stop Shop system. In International news, the European Commission has published its annual report on taxation. Irish 1. Revenue has updated its guidance on the collection of cancellation amounts arising from the cancellation of a waiver following the High Court’s judgment in the Killarney Consortium C v Revenue Commissioners case. 2. Read the updated guidance published by Revenue on the RCT treatment of contracts that involve both construction services and land sales. UK 3. The 2023/24 Tax Gap data has been published by HMRC. 4. Are you an agent involved in filing Import One Stop System (IOSS) returns and payments on behalf of clients? HMRC is seeking agents to participate in testing during phase 2 of delivery of the IOSS system. Read about what you can expect and how to get involved. International 5. Read the Annual return on taxation 2025 which was recently published by the European Commission. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner here.  

Jul 03, 2025
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Tax UK
(?)

2025 Spending Review awards additional £0.5 billion to HMRC for digital services

Last week Chancellor Rachel Reeves delivered the 2025 Spending Review in Parliament which saw HMRC awarded an additional £0.5 billion in 2026/27 to make it a digital first organisation. The Spending Review sets planned spending totals for all UK Government departments from 2026/27 to 2028/29 inclusive in addition to investment spending plans until 2029/30. Although there were no specific tax announcements in the Spending Review, speculation now continues that there will be further tax rises in the Autumn Budget later this year given the spending and investment plans set out. The Institute for Fiscal Studies has now published a podcast setting out its analysis of the review whilst the Federation of Small Businesses says that the review lacked business focus. The House of Commons Treasury Committee subsequently announced an inquiry into the review. HMRC settlement The settlement includes additional funds of £0.5 billion in 2026/27 to “make HMRC a digital-first organisation”. This will be used to improve digital services and enable the use of AI to both assist taxpayers and improve productivity within HMRC.   Over the next three years, HMRC’s settlement is as follows: 2026/27: £7.3 billion, an increase from 2025/26 of £0.5 billion, 2027/28: £7.1billion, and 2028/29: £6.9 billion. By 2029/30:  90 percent of taxpayer interactions will be digital self-serve, up from the current 70 percent; and  HMRC will have reduced the number of letters it sends by 75 percent. HMRC will “eliminate all outbound post, with limited exceptions such as letters which generate revenue”.  However, it “will continue to ensure alternative channels, including phonelines, are still there for those who need them”.  The Institute looks forward to discussing how HMRC will achieve these very ambitious targets, including how inbound post will be treated, whilst also improving its current service levels as the taxpayer self-assessment population continues to grow because of fiscal drag. More information on this is expected to be available in the coming weeks when HMRC publishes its Digital Transformation Roadmap which was delayed from the spring pending the outcome of phase two of the 2025 Spending Review. The move to use more AI is interesting given recent comments by the Public Accounts Committee which said in a recent report that HMRC’s reliance on its legacy IT systems was restricting its use and development of AI. HMRC’s settlement also aims to enable the department to deliver the package of measures announced previously to close the tax gap including modernising HMRC’s use of data and recruiting an additional 5,500 compliance staff and 2,400 debt management staff.  Alongside the main Spending Review publications, HM Treasury also published ‘Spending Review 2025: Departmental Efficiency Plans’ which explains how different departments will deliver efficiencies. According to this, HMRC will deliver efficiencies of £773 million per year by 2028/29 in the following areas:  moving to digital services, improving and modernising its IT estate, continuous improvement and productivity which includes anticipated benefits from bringing the functions of the Valuation Office Agency within HMRC, restructuring its physical estate by consolidating offices into regional centres, exiting some sites and streamlining facilities contracts. By 2030, HMRC is aiming to have 85 percent of staff based outside London, and increasing focus on up-stream compliance to prevent errors from being made, rather than taking action after.

Jun 16, 2025
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