Weak US dollar to hurt tourism sector

THE record high the euro reached yesterday against the US dollar will cause problems for the Irish tourism, IT, food and export industries, but will increase the repatriated profits of US subsidiaries.

The euro rose to an all-time high against the dollar yesterday amid fears of trade wars and reluctance by foreigners to finance the US trade deficit.

The US has imposed tariffs on Chinese bras, knitwear and other textiles, while maintaining steel tariffs the World Trade Organisation has declared illegal.