EU-US Trade Deal: Expect 10% Tariffs to Stay Despite Possible Agreement
The Government anticipates that a 10% baseline tariff may persist even if the EU and US strike a trade deal. President Trump's threat of 50% tariffs on EU goods looms, with concerns growing over the impact on key sectors of the Irish economy.
The US president has threatened to impose 50% tariffs on all EU goods from July 9th unless a deal is reached. The Government is pushing for key sectors to be exempted from new US trade policies. Even if a deal is made, a 10% baseline tariff could remain. Talks between the EU and US are ongoing, with concerns that the tariffs may stay. This could pose challenges for certain sectors of the Irish economy.
The Tánaiste emphasized the need for positive dialogue and a mutually beneficial outcome. The potential impact of tariffs on the Irish economy, especially on the pharmaceutical industry, is a major concern. The US administration's initiatives to promote domestic pharmaceutical production are also being closely monitored.
The Tánaiste will meet with his German counterpart and provide updates on trade discussions. The Government is analyzing the impact of tariffs and developing a strategy for the semiconductor sector. Concerns remain about the implications of US policies on Irish businesses and the economy.
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