Commenting on the US administration’s new tariffs, Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said:
“The announcement of 20% tariffs on imports from the EU by US President Donald Trump last night is a regressive step in transatlantic trade relations and upends the principle of open and fair trade.
We urge the Irish government to work with the EU Commission to find a way to engage the US in constructive dialogue which prioritises solutions over a cycle of retaliatory measures. A further escalation in trade tensions will risk jobs, businesses and economies not just on the island of Ireland, but across the world.
Without a doubt, these tariffs will cast a shadow of uncertainty over the stability of Ireland’s future corporation tax receipts with the stated aim of the tariff war being to ‘onshore’ many of the US multinationals operating overseas.
As an all-island body, it is equally regrettable to see a 10% tariff announced on imports to the US from Northern Ireland, adding an additional pressure to businesses who are still navigating the complex trading landscape post Brexit.
For now, we need to focus on what we can control. Prioritising Ireland’s competitiveness on the global stage will require urgently addressing our persistent infrastructural deficits. Our infrastructure is 25% less developed, on average, than other high-income European countries. This is not sustainable, particularly in the face of such protectionist measures.
Now is the time to utilise the resources already at our disposal to accelerate investment in housing, water, energy and transport to best position the economy for growth - not only in terms of continued inward investment but also supporting domestic enterprises that comprise 99.8% of businesses in Ireland.”
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