Last week, the US Administration announced an increase on the rate of tariffs on steel imports into the US from 25 percent to 50 percent. Following a meeting between the EU Trade Commissioner Maroš Šefčovič and US Trade Representative Jamieson Greer in Paris, the Tánaiste, Simon Harris released a statement welcoming the discussions and highlighting the need for “a substantive, calm, measured and comprehensive dialogue”. The Tánaiste’s full statement can be read below: "I welcome that the EU Trade Commissioner Maroš Šefčovič and US Trade Representative Jamieson Greer met in Paris earlier today to advance EU-US negotiations. This is a positive step. Ireland’s consistent position remains that we need substantive, calm, measured and comprehensive dialogue with the United States. "While we want to see an agreement, my department will continue to work actively across Government and with stakeholders to understand the impact of the US tariffs on Irish business, as well as preparing for EU rebalancing measures, if they are required. "The government regrets the increase of US tariffs on steel imports from 25% to 50%, which came into effect today. This latest move by the US adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic. "I wish to reiterate our full support for dialogue. The objective remains to reach a mutually beneficial agreement that includes reducing tariffs and non-tariff barriers, promoting economic security, as well as facilitating business opportunities and investment. At the same time, it is correct that the EU is doing preparatory work on a range of potential re-balancing measures, should negotiations fail."

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The outcomes from the latest meeting of the HMRC forum, the Northern Ireland Joint Customs Consultative Committee (NI JCCC), which the Institute participates in, are now available to read. And finally, UK steel and aluminium exports have been temporarily spared from the US administration’s decision to double tariffs on these goods.   Latest NI JCCC meeting   The most recent meeting of the NI JCCC has taken place. Minutes from the meeting and the accompanying slides are available to read.  Miscellaneous guidance updates and publications  This week’s miscellaneous guidance updates and publications are as follows: Appendix 2 C21i: DE 1/11: Additional Procedure Codes,  Making an entry summary declaration,  Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS),  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  Safety and security declarations,  Safety and security import requirements: entry summary declarations,  Notices made under The Customs (Export) (EU Exit) Regulations 2019,  Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018,  Register to use the Import Control System 2,  Make an entry summary declaration using the Import Control System 2,  Data requirements for express operators who move consumer parcels from Great Britain to Northern Ireland,  How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland,  Sending parcels from Great Britain to Northern Ireland between private individuals,  Create a goods movement reference,  Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, and  External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service. 

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. We update you on initial thoughts from the UK Government on the new partnership agreement between the UK and the EU. And finally, the Department for Environment, Food & Rural Affairs (DEFRA) has published new guidance aimed at businesses exporting animal products from Great Britain to the EU which you can read more about in an email from DEFRA. Update on new UK and EU partnership agreement At a meeting last week of the HMRC forum, the Northern Joint Customs Consultative Committee which the Institute is represented on, HMRC advised that there will be no immediate changes to customs procedures as a result of the announcement of the new partnership agreement between the UK and the EU. Any changes and updated guidance will be shared in due course. The overall sense from the UK Government is that the agreement will impact positively on Northern Ireland, particularly in the context of sanitary and phytosanitary checks.                                                                                              Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Additional Procedure Codes, Find customs authorisations for importing and exporting goods, CDS Declaration and Customs Clearance Request Instructions (UK Trade Tariff: volume 3 for CDS), Internal Market Movements from Great Britain to Northern Ireland, Apply for authorisation for the UK Internal Market Scheme if you bring goods into Northern Ireland, Making an import declaration in your records, Apply to claim a repayment or remission of import duty on ‘at risk’ goods brought into Northern Ireland, Submitting the Internal Market Movement Information, Apply for the UK Carrier Scheme, Apply to make an entry declaration in your records under the UK Internal Market Scheme, Apply for a Notification of Presentation waiver for goods moving from Great Britain into Northern Ireland, Check if you can apply for the UK Carrier Scheme, Categorising goods for Internal Market Movements from Great Britain to Northern Ireland, and Using entry in declarant's records for goods moved from Great Britain to Northern Ireland.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available. The latest Brexit and Beyond newsletter received last week from the Northern Ireland Assembly EU Affairs team contains a useful summary of the key takeaways from the new partnership agreement announced during the UK and EU summit in London. The newsletter will be published here in due course. As part of this, the UK and EU have “agreed to work towards a deal that could significantly reduce checks on goods moving from Britain to Northern Ireland”. The Northern Ireland Office has also issued a press release reacting to the new partnership agreement and recent trade deals.  Miscellaneous guidance updates and publications  Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Procedure Code to Additional Procedure Code correlation matrix, Authorisation type codes for Data Element 3/39 of the Customs Declaration Service, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: terms and conditions, Simplified Process for Internal Market Movements (SPIMM): Category of goods guidance, Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS), Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Navigate the Customs Declaration Service Declaration Instructions, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Declaration Category Data Sets, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Declaration Category Data Sets, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Customs Simplified Procedures Guidance, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Procedure Codes, and Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: CDS Declaration and Customs Clearance Request Instructions. 

The Department of Finance and the Department of Public Expenditure and Reform have jointly published the Annual Progress Report 2025 which incorporates the Department of Finance’s spring forecast. The report is a European legal requirement which assesses progress on the implementation of the Government’s Medium-Term Fiscal and Structural Plan. It replaces the annual Stability Programme Updates and the annual National Reform Programme in the EU budgetary cycle. The report outlines that Modified Domestic Demand (MDD) is projected to expand by 2.5 percent in 2025 and 2.75 percent next year, both of which are downward revisions compared to the autumn forecasts. The projections are prepared on the assumption that transatlantic tariffs will not be introduced and forecast a general government surplus of €8.7 billion. In an alternative scenario, which incorporates the likely economic impacts of the tariffs that are now in place, projected MDD growth is lowered to just over 2 percent this year and 1.75 percent next year. The report notes that while the economy, in aggregate terms, is undoubtedly in a strong position at present, the near-term outlook for the Irish economy is clouded in considerable uncertainty. Uncertainty in terms of trade policy, financial and commodity market developments, geopolitics and macroeconomic policies are noted as the dominant features of Irish and global economies. Navigating the challenging external environment is identified as a key priority by this Government. Commenting on the publication, Minister for Finance, Paschal Donohoe said: “The more contested and fragmented world that is now taking shape represents a serious headwind for the Irish economy which has benefited so much from the rules-based, multilateral trade system. Given the elevated level of uncertainty, it is important to stress that our assessment published today is more akin to a scenario analysis; my officials will, of course, continue to monitor incoming data and developments and update numbers accordingly.”

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.   

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.

In order to assist readers, we have highlighted some key information resources to help you understand the impact of last week’s tariffs. There have been comments from all across the Accountancy profession, including some helpful publications providing tips for businesses as they adapt to the new global trading conditions. We also bring you the official White House publications which have accompanied the announcement of the tariffs. This includes the Fact Sheet which sets out the administration’s basis for claiming that the tariffs are a necessary tool to combat the myriad trade deficits the US operates with its global trading partners. Press releases from Government and the EU Statement by President von der Leyen on the announcement of universal tariffs by the US Statement by Taoiseach Micheál Martin on US decision to impose tariffs Statement from the Tánaiste on US announcements on tariffs House of Commons on what US tariffs on EU goods could mean for Northern Ireland Commentary from Accountancy profession KPMG - US tariffs - Understanding the implications for Ireland and the EU Grant Thornton - The implications of tariffs and trade wars PwC - US reciprocal tariffs EY – What are the implications of US President Trump’s reciprocal tariffs on global trade Deloitte - Tackling shifting tariffs: Timely tips for business leaders BDO – Tariffs & Trade in 2025: Practical Steps for Exporters and Importers Insights from Tax Research Tax Foundation - Trump Tariffs: The Economic Impact of the Trump Trade War Chartered Accountants Ireland reaction to US administration’s new tariffs Parliamentary Budget Office Trade between Ireland and the US April 2025 Official White House material Official White House Executive Order Official White House Article – “Tariffs Work – and President Trump’s First Term Proves It” Official White House Fact Sheet declaring National Emergency US International Trade Administration Official Website 2025 National Trade Estimate Report on Foreign Trade Barriers

US President Donald Trump last week announced 20 percent tariffs on all imports from the EU stating the imposition of the ‘reciprocal’ tariffs was required to address tariff and non-tariff barriers imposed by US trading partners. The Institute’s Director of Members and Advocacy, Cróna Clohisey has called the move a “regressive step” and is urging the Irish Government to work with the EU Commission to engage with the US administration in constructive dialogue. The Taoiseach, Micheál Martin released a statement noting his deep regret at the decision to impose 20 percent tariffs on imports from across the EU saying that Ireland would consider with EU partners on how best to proceed. The Taoiseach commented that the Irish economy is resilient, and that it is starting from a strong position. He is confident that we will weather the ensuing upheaval to global trade. The President of the European Commission, Ursula von der Leyen also released a statement noting the deeply regrettable choice which will massively impact the global economy. In setting out the many ways the tariffs will negatively impact citizens, she expressed a sincere openness to negotiating with the US.