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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

Organisations must reimagine their approach to data protection, mitigating risk and adapting to new regulations in a fast-changing environment. David O’Sullivan explains why As we enter the second quarter of 2025, the data privacy landscape is on the cusp of transformative change. Rather than reacting to headlines, organisations are now compelled to reimagine their approach to data protection, blending strategic foresight with a renewed commitment to ethical stewardship. Here, we outline our top 10 data privacy predictions for the remainder of the year, pinpoint in the key trends that will shape how organisations handle compliance, mitigate risks and adapt to regulatory changes. 1. Changing DPO role in AI governance As artificial intelligence (AI) relies heavily on quality data, data protection officers (DPOs) are crucial in helping organisations understand and use their data effectively. Given the overlap between data protection and AI governance, DPOs are increasingly managing AI compliance and governance. Both roles require the ability to coordinate cross-functional teams and adapt to evolving challenges. 2. Privacy by design and privacy-enhancing technologies  With the growing need for data in AI, protecting that data and transforming it into privacy-enhancing or anonymised formats is becoming ever more essential. These tools enable organisations to benefit from their data while maintaining privacy. Privacy by design is a principle-based approach that is set to become increasingly popular, prompting organisations to review their processing activities in depth, reducing risk and improving compliance management. 3. GDPR compliance frameworks Europe's digital regulations are complex and extensive. Privacy frameworks derived from the General Data Protection Regulation (GDPR) provide a solid foundation for building comprehensive compliance frameworks. These frameworks will be updated to accommodate new compliance requirements. 4. Shifting attitudes toward compliance We saw numerous headlines about data-related fines cropping up in 2024. Regulatory bodies, such as the Data Protection Commission, have intensified their efforts to manage complaints and breaches, putting more pressure on organisations. As consumer awareness grows, driven by global discussions on data privacy, we can expect to see more attention to data protection compliance. 5. International transfers under scrutiny International discussions will lead to greater scrutiny of data transfers. Recent findings by the Court of Justice of the European Union could significantly impact international data transfers, prompting organisations to reassess their practices. 6. Consumer awareness of data subject rights In Ireland, damages have already been awarded for GDPR non-compliance. While this hasn't yet led to a surge in claims, increased awareness will empower data subjects to hold controllers accountable. Organisations may shift their focus from regulators to data subjects. 7. Increase in cookie consent enforcement Cookies, often invasive and disruptive, are under scrutiny. The Data Protection Commission’s review of cookie compliance five years ago highlighted widespread non-compliance. Combined with the European Data Protection Board’s (EDPB) Cookie Banner Task Force and increased action by groups such as the European Centre for Digital Rights, we can expect enforcement actions to ramp up as organisations have now had time to implement recommendations.  8. Proactive approach to processor compliance As privacy programmes mature, organisations will focus on the entire data lifecycle, including third-party processors. The EDPB's opinion on data processors and sub-processors highlights the importance of controllers to ensure compliance throughout the data value chain. This will likely lead to more queries and demands from controllers to processors. 9. Board assurance on data protection With GDPR in effect for seven years, boards are increasingly concerned about data protection risks that extend beyond compliance, driving demand for assurance through audits and certifications, which are rapidly maturing.  10. Greater focus on transparency To empower data subjects, organisations must provide clear and practical transparency notices. Moving away from legalistic, lengthy and obscure notices to more informative ones will enhance transparency and build trust with data subjects. David O’Sullivan is Director of Privacy, Digital Trust and Artificial Intelligence Governance at Forvis Mazars

BlackRock’s 2025 Ireland Read on Retirement survey reveals Irish workers’ retirement anxieties. With auto-enrolment imminent, increased pension awareness is crucial, writes Tim Hodgson BlackRock’s 2025 Ireland Read on Retirement survey offers a revealing snapshot of the retirement landscape for Irish workers. The research exposes significant gaps between the recognized importance of pensions and the actual confidence workers have in achieving a comfortable retirement. Despite 81 percent of respondents acknowledging that pensions are the most effective means of securing a reasonable standard of living, just 41 percent feel they are on track to achieve this goal. The disconnect highlights the urgent need for enhanced financial planning and greater awareness of retirement savings. The survey identified a palpable sense of uncertainty among pre-retirees, aged 60–69, with more than a third uncertain whether their current trajectory will be sufficient to secure a comfortable retirement. This reality reflects broader anxieties within the workforce. It is evident that, while pensions are universally accepted as crucial, tangible readiness varies dramatically among workers, particularly between those with and without Defined Contribution (DC) workplace pensions. Workers lacking a DC pension express significantly less confidence in their retirement preparedness—just 26 percent of those without one feel on track, compared to 59 percent of their counterparts who enjoy the benefits of such schemes. Jumpstarting retirement savings As Ireland prepares for the introduction of the Auto-Enrolment Retirement Savings Scheme, called My Future Fund, the survey’s findings assume even greater significance. Scheduled to roll out in September 2025, this initiative aims to integrate as many as 800,000 Irish workers into an occupational pension scheme, jumpstarting retirement savings for many who have been without work or a private pension. The upcoming scheme is viewed as a watershed moment, a once-in-a-generation opportunity to redefine how retirement savings are approached. More than two-thirds of survey participants indicated a willingness to opt into the scheme during its inaugural year, reflecting optimism about the potential of auto-enrolment to reverse current trends. However, the survey also revealed that only half of workers believe that an employee contribution rate of 4.5 percent is affordable, highlighting significant challenges that remain in the broader context of financial readiness. Generational divide Generational differences further complicate the picture. The survey found that saving for retirement ranks among the top three financial priorities for Pre-Retirees and Gen Xers. In contrast, Millennials treat it as the least pressing concern, placing it last among six financial priorities. This divergence suggests that while older generations are grappling with the immediate need to shore up retirement funds, younger workers may be postponing or deprioritising savings amid other financial demands. Additionally, 43 percent of overall respondents admitted that they should be saving more, and 32 percent felt they had started too late. A similar proportion expressed concern that state pension provisions might fall short once they retire. The research highlights that nearly nine in ten pre-retirees and Gen Xers lack a clear strategy to manage their pension pots upon retirement. A striking majority believe that pension schemes should prioritise guidance to help savers manage the transition from accumulation to decumulation. In essence, while saving for retirement remains a top priority for many, there is an urgent need for enhanced financial education and personalised solutions designed to ease the transition from saving during working years to drawing down those funds in later life. Retirement unease Overall, the insights provided by the Ireland Read on Retirement survey reflect a broader international trend of retirement unease. With initiatives such as auto-enrolment on the horizon, it is imperative that policymakers, employers, and financial advisors work together to bridge the gaps in awareness and affordability. Only then can the promise of a secure and comfortable retirement become a reality for all Irish workers. Exploring these themes further reveals the critical importance of informed financial planning, and it invites renewed discussion on how best to support diverse generations in their unique retirement journeys. Tim Hodgson is Head of UK and Ireland Defined Contribution Platforms and Retirement Solutions at BlackRock

With major tax deadlines ahead, strategic planning is crucial. Suzanne Mcilwaine outlines the changes on the way from 5 April and how to manage them wisely Announcements regarding Inheritance Tax (IHT) in the 2024 Autumn Budget have had a big impact on the business and farming sectors. Similarly, changes affecting individuals who benefit from the UK domicile and residence rules will significantly alter their tax landscape. While these topics warrant separate discussion, it's essential not to overlook several other changes that affect a broader range of taxpayers, as well as the usual considerations for tax year-end planning. To start, maximising annual tax-free reliefs and allowances before the 5 April 2025 deadline is crucial. Individuals have a personal savings allowance of £1,000 or £500, depending on whether they are basic or higher-rate taxpayers (this allowance is not available for additional-rate taxpayers). For those exceeding these thresholds or looking for a tax-efficient approach, the annual individual savings account investment allowance stands at £20,000. Additionally, contributing to retirement savings can yield significant benefits, with effective tax relief of 20, 40 or even 60 percent available on qualifying contributions, depending on individual circumstances. It’s important to review personal allowances and thresholds relevant to pension contributions before taking action. Those uncertain about their state pension position should apply for a state pension forecast and check their National Insurance (NIC) record for any gaps as soon as possible. This is particularly important, as the opportunity to pay voluntary NICs to bridge gaps from April 2006 to April 2016 will expire after 5 April 2025. Key changes to inheritance tax and capital gains tax There are several exemptions to IHT worth noting. An annual gift exemption allows individuals to give away £3,000 per donor, which can be carried forward for one year to a total of £6,000 if not utilised. Additionally, a small gifts exemption of £250 per beneficiary per tax year is also available. Be cautious with gifts of assets, however, as they may have other tax implications, including potential liability for capital gains tax (CGT). As of 30 October 2024, CGT rates rose from 10 to 18 percent for basic rate taxpayers and from 20 to 24 percent for higher rate taxpayers. The annual exemption for taxable gains is £3,000, so it’s important to use it, or you will lose it. Business owners eligible for Business Asset Disposal Relief will also see changes. The CGT rate on the first £1 million of eligible gains will increase from 10 to 14 percent, starting on 6 April 2025, with a further increase to 18 percent beginning on 6 April 2026. If a sale is anticipated, it is advisable to consider timing and pre-sale planning options sooner rather than later. Implications for property owners and investors The special tax treatment provided for Furnished Holiday Lets (FHL) will be eliminated from April 2025, resulting in the loss of favourable CGT treatment, full mortgage interest relief and Capital Allowances (CAs) on qualifying capital expenditures. FHL owners should re-evaluate their rental models; if short-term holiday lets remain a preferred option, they might consider accelerating qualifying capital expenditure to benefit from CAs while they are still available. Finally, for individuals purchasing residential property, the threshold for Stamp Duty Land Tax (SDLT) will reduce from £250,000 to £125,000, effective from 1 April 2025. Additionally, the surcharge on individuals owning multiple residential properties has increased. Therefore, those looking to buy residential property should be clear about their SDLT liabilities and consider whether expediting their purchase could be advantageous. As with all tax planning, it is essential to consider both non-tax and financial implications, rather than focusing solely on the tax landscape. Suzanne Mcilwaine is a Tax Manager at Grant Thornton in Northern Ireland

As Irish businesses navigate economic uncertainty and technological disruption, Ger Twomey explores key insights from PwC and the WEF on future workforce challenges Irish organisations, like their global counterparts, are facing unprecedented transformation as they navigate technological disruption and economic uncertainty. As such, understanding the future of work has become critical.  The World Economic Forum’s (WEF) Future of Jobs Report 2025 and PwC’s 28th Annual CEO Survey offer valuable insights into the evolving labour market. Drawing on data from over 1,000 leading global employers and close to 5,000 CEOs worldwide, these reports provide a roadmap for Irish organisations and employees preparing for the changing landscape of work. If Ireland’s workforce was represented by just 100 people, 67 would require further training by 2030. To break this down further: 31 could be upskilled within their current roles; 25 could be upskilled and redeployed within their organisations; and 11 would be unlikely to receive the necessary upskilling, putting their future employment at risk. This analogy paints a stark picture of the strategic workforce challenges organisations will face in the coming years. An evolving labour market The WEF's Future of Jobs Report 2025 projects significant changes in the global labour market, with 22 percent of today’s total jobs expected to be affected worldwide. This encompasses both job creation (equivalent to 14 percent of today's employment) and displacement (equivalent to 8 percent of current roles). This dynamic shift is characterised by two key trends. First, frontline jobs in sectors such as farming, construction, food processing and sales are expected to experience the largest growth in volume. Second, technology roles are anticipated to be the fastest growing by percentage. Among the roles poised for rapid growth are big data specialists, fintech engineers, artificial intelligence (AI) and machine learning experts, software developers and professionals in green transition and renewable or environmental engineering. This evolving landscape underscores the critical need for organisations to invest in developing relevant skills. Skills demand The evolution of the job market is driving significant changes in the required skills. The “skill instability” rate of 39 percent suggests that by 2030, two in five workers will need to transform their existing skill sets or risk obsolescence. Skills gaps have emerged as the primary barrier to organisational transformation. In Ireland, 75 percent of respondents identify this as a major challenge for the next five years, compared to 63 percent globally. This concern is echoed in PwC's CEO Survey, in which 91 percent of Irish CEOs express concern over skills availability. There are several skills that appear to be in demand: Analytical thinking remains the most sought-after skill, with 70 percent of organisations deeming it essential by 2025; Resilience, flexibility, agility, leadership and social influence are also core skills; and AI and big data top the list of fastest-growing skills, followed by technology literacy and cybersecurity. Notably, Ireland ranks most of these skills higher in importance than the global average. However, despite the emphasis on AI skills, only one-third of CEOs plan to integrate AI into their workforce and skills strategy, according to the PwC CEO Survey. Navigating the future of work The World Economic Forum's Future of Jobs Report 2025 and PwC's CEO Survey offer crucial insights into the evolving landscape of work. These findings provide a roadmap for Irish businesses to build a resilient, adaptable and inclusive workforce ready for future challenges and opportunities. The global work environment is increasingly complex, influenced by factors such as: Growing geo-economic fragmentation; Rising cost of living; and Widespread adoption of AI tools. Despite these challenges, the outlook remains net-positive for employment. The rate of skills obsolescence is falling, thanks to successful reskilling, upskilling and redeployment initiatives implemented in recent years. Employers across various industries demonstrate a greater awareness and proactivity in addressing workforce challenges. However, skills gaps persist as the primary barrier to transformation. Future priorities are likely to include facilitating proactive and dynamic job transitions, as well as balancing deeper automation with broader workforce augmentation. By embracing these insights and taking decisive action, Irish businesses can position themselves at the forefront of the evolving work landscape, ensuring their workforce is well-equipped for the future. Ger Twomey is Director of Workforce Consulting at PwC

M&A activity in Ireland is growing, but post-transaction disputes continue to be a risk. Clear SPA drafting, due diligence and dispute resolution mechanisms are key to safeguarding deal value, writes Simon Rattigan Currently, there is a sense of positivity surrounding mergers and acquisitions (M&A) activity in Ireland. We saw an increase in private equity-backed transaction activity in 2024 and this is expected to continue this year. The lowering of interest rates will make financing deals more affordable, and Ireland will remain an attractive location for foreign direct investment (FDI). Increased deal activity is encouraging for the economy, but transactions are not without risk, and post-transaction disputes remain a persistent factor in the M&A landscape. Disputes Buyers and sellers generally have different financial incentives, often leading to disputes when expectations set during the deal-making process are not met in the post-closing phase. To help safeguard deal value, it is important to understand the main types of disputes that can arise, including completion account disputes, earn-out disputes and breach of warranty claims. Completion account disputes When completion accounts are used for a transaction, they are typically prepared by the buyer, incorporating adjustments to working capital and other balance sheet items, as specified in the sales and purchase agreement (SPA).  While this mechanism adds complexity, it is generally favoured by the buyer because it provides an opportunity to test the balance sheet, which is appropriate where performance and/or working capital is volatile. Working capital disputes commonly arise when there is a lack of clarity regarding the accounting hierarchy in the SPA, which typically outlines the order of precedence. Issues can arise when: The SPA prescribes a valuation approach for inventory that is not in accordance with Generally Accepted Accounting Principles (GAAP). The SPA states that bad debts should be fully provided for but does not clarify how they will be identified. The SPA requires the application of certain accounting policies but does not specify how judgment under those policies should be applied. The SPA is contradictory – for example, it requires completion accounts to be prepared consistently with historical accounts and practices, as well as in accordance with GAAP. This causes a challenge if historical accounts are not in accordance with GAAP. If the accounting hierarchy in the SPA is unclear, the scope for interpretation and, therefore, disagreement between the buyer and seller increases. Earnout disputes Earnouts are increasingly common features of purchase agreements, where part of the consideration paid to the seller is contingent on measurable, post-closing financial performance targets, such as earnings before interest, taxes, depreciation and amortisation (EBITDA). Earnouts are tailored to each deal and are generally favoured by buyers as they reduce uncertainty and offer cash flow benefits. However, disputes can arise when there is ambiguity in the SPA language regarding calculation methodology or the order of precedence of the accounting hierarchy. This can give rise to issues if there are changes in accounting polices during the earnout period or if the earnout calculation departs from specific accounting policies adopted for other reasons (i.e. preparing accounts for audit). Breach of warranty claims During a transaction, the seller will typically make representations to the buyer about the company regarding material financial, operational, legal, and compliance matters. Disputes can arise from factual misstatements made by the seller, which only come to light post-closing, caused by, for example: Material undisclosed liabilities; Status of key customer relationships and contracts; Compliance of financial statements with GAAP; Undisclosed legal or employment issues; and Fraudulent activity by management or employees. Where factual misstatements are identified post-closing, the buyer may seek to recover losses from the seller if it has suffered financial and/or reputational damage. As post-transaction disputes look to be on the rise, it is important to consider both prevention and cure. Mitigation Avoiding disputes is always preferable, and the risk of earnout disputes and completion account disputes can be mitigated with robust drafting of the SPA: that avoids flexibility/judgement in calculation methodologies; is specific in terms of accounting policies and assumptions; and establishes a clear accounting hierarchy. While misrepresentations may not be preventable, a robust due diligence process can help mitigate certain risks associated with a transaction. However, buyers often only gain full access to the financial and operational information when they take ownership. Post-closing reviews can help buyers identify issues at an early stage, minimise the disruption to the business, quantify the financial impact, and understand legal remedies available. Dispute resolution Disputes can still arise even with a well-drafted SPA, which is why dispute resolution clauses should introduce a level of certainty to the determination process. In most cases, the SPA will refer the matter for independent expert determination, but it is important that these clauses: Establish a clear expert selection mechanism; Preferably, identify the expert, not just the firm. Alternatively, they should be as specific as possible in identifying the required expertise; Clearly establish and limit which items can be disputed; Ensure the role of the expert is clearly defined, and the scope is within their area of expertise – i.e. an accounting expert cannot determine a point of law; and Clearly outline the dispute resolution procedure, including specific timelines. As deal activity in Ireland is expected to grow, post-transaction disputes remain a significant risk. To protect against these risks, businesses should prioritise the robust drafting of SPAs and ensure that clear dispute resolution mechanisms are in place to minimise business disruption. Buyers should also consider conducting post-transaction reviews at an early stage to investigate areas of risk or concern following the deal closing. Simon Rattigan is Director of Forensic and Investigation Services at RSM Ireland