Irish Government seeks negotiated settlement on US tariffs
Senior officials in Ireland’s government have expressed hope for a negotiated settlement to reduce the impact of US tariffs, as the Irish premier cautioned about the potential for global "recessionary trends."
Ireland falls under the sweeping 20% tariff imposed on most EU exports to the US which was announced by President Donald Trump on Wednesday and will come into effect in the coming days, News.Az reports citing The Independent.
Taoiseach Micheal Martin said he is concerned about the impact on investments and jobs in Ireland, the EU and across the world, saying investors will keep their head “below the parapet” until the fallout over US tariffs settles down.
He said he deeply regrets Mr Trump’s decision, adding that there was “no justification” for the tariffs.
He also disputed how the US calculated the 20% rate, which that administration said was determined by looking at tariffs and other trade barriers imposed on the US by the EU.
Mr Martin said the figures “do not reflect the reality of the situation as we see it”.
He said that Ireland and the EU will “weather this storm” in the face of the taxes, but added they will have an adverse impact.
That potential adverse impact was likened to the Great Depression by Ireland’s Public Expenditure Minister Jack Chambers.
He said: “The last time the scope or extent that this was tried globally in trading terms, was in the early around 1930 which led to the Great Depression. In fact, the tariffs that are being imposed now are in excess of that.”
“The next 48 hours will tell a lot.
“What I get from the President’s speech is very much sort of wanting to engage, and signalling a desire to engage, to negotiate a sensible settlement here.”
He also said that the EU and Ireland will “not be shy” in advocating for its interests as part of EU negotiations with the US.
“No country is going to be shy and Ireland will not be shy in saying, in terms of our interests, but also strategy,” he said.
“I think the strategy is the key issue here, in terms of designing counter-measures that would have the desired impact of bringing people to the table and enabling negotiations.”
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