Trump administration trade policies a threat to Irish Biopharmaceutical sector

The Trump administration's trade policies pose a threat to Ireland's Biopharmaceutical sector, a conference taking place in Dublin today has heard.

Economist Jim Power outlined the global risks - inlcuding Brexit, housing and infrastructure - at the Research and Innovation Conference being held in Citywest.

Mr Power indicated the increased pressure that President Trump's trade policies, particularly in the area of corporation tax, will have on Ireland's own tax regime.

"We are definitely on the Trump administrations radar when it comes to corporation tax," said Mr Power.

"He’s mentioned Ireland’s corporate tax structure at least twice in the last year and has moved to lower the US corporation tax rate from 35% to 21%. Ireland will likely come under continued pressure on this issue into the immediate future.

The 25% tariff on steel and 10% tariff on aluminium imposed by Trump are not overly significant in itself. It’s what China and the EU do in retaliation that could turn the implementation of those tariffs into a trade war.

“Ireland is the 7th largest exporter of medicinal and pharmaceutical products in the world with the biopharmaceutical industry underpinning 30,000 jobs alone.

"We are also home to 90+ of the world’s largest pharmaceutical companies accounting for approximately €54bn in exports.”

Digital Desk

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