A Clare-based pharmaceutical company says the impending tariffs on exports to the US pose a greater challenge than Brexit.
With just hours to go until the US President is expected to announce sweeping tariffs on all goods imported to the country from the EU, companies here are weighing up the potential consequences of the measure.
The latest chapter of Donald Trump’s tariff spree begins at 9pm Irish time when it’s believed he’ll impose 20% tariffs on all EU imports.
The move is expected to have serious implications for Ireland’s pharmaceutical industry, which is worth over €50 billion a year.
It’s understood the US President and his trade team are putting the finishing touches on the measures, and speaking in advancement of the announcement, he said it will deliver a “golden age” of US industry.
The Tánaiste has already spoken with the EU Trade Commissioner ahead of the announcement, and Public Expenditure Minister Jack Chambers says Europe needs to be calm with its reaction.
Donald Trump and those close to him have long claimed that the measure is intended to stop the US being “ripped off” and to bring US companies based abroad in countries like Ireland back home.
CEO of Vitalograph, which is based in Ennis and makes medical devices, Frank Keane, fears the level of “uncertainty” could reduce consumer spending, causing businesses to fail.
The CEO of the Industrial Development Authority has visited Clare this week to attend a Shannon Chamber event at Dromoland Castle Hotel.
Speaking at the event, Michael Lohan said companies here have the wherewithal to weather the tariff storm but admitted there’s “intense” global competition.
Shannon Chamber CEO, Helen Downes insists homegrown companies must look beyond the US when seeking trade partners.
CEO and Founder of Shannon-based firm Fine Grain Property Colin MacDonald meanwhile says the “scale of ambition” in Shannon means it will continue to find ways of adapting to global events.
President Trump is due to make his landmark ‘Liberation Day’ announcement at 9 o’clock tonight Irish time.
