Northern Ireland firms fear losing millions in Trump’s trade war
Northern Irish businesses could face millions in costs if the European Union retaliates against U.S. President Donald Trump's trade war.
While the EU is finalizing its battle plan, Keir Starmer insists his government will take a “cool” and “calm-headed” approach to Trump, News.Az reports citing Politico.
But fears are mounting over a system allowing firms in Northern Ireland — which is part of both the U.K.’s and EU’s markets — to claim back EU tariffs imposed on U.S. imports.
The system simply “doesn’t work effectively and quickly enough,” a senior U.K. business representative told POLITICO.
Last year Northern Ireland imported £753 million in U.S. goods. Firms in the region will need to stump up potentially millions in extra costs if EU retaliatory tariffs kick in, thanks to Northern Ireland’s post-Brexit status.
“Are there going to be special measures to protect Northern Irish businesses from those tariffs? And how quickly will reimbursement measures be put in place?” asked the senior U.K. business representative, who was granted anonymity to speak candidly.
Even before Trump’s trade war, firms were having a hard time getting their money back, with some paying millions out of pocket, they said.
“The volume of evidence that's required costs a lot of money and time and effort,” said Stephen Kelly, CEO of industry group Manufacturing NI. “Multiply that by thousands of product lines, which is what the EU is proposing, and we start to run into the real problems here.”
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