A blanket global tariff could be a 'less-worse' outcome for Ireland

Ireland accounts for about a fifth of total US pharma imports.

Following a mid-March lull in policy launches by US President Donald Trump, last week's announcement of a 25% tariff on auto imports has hit global markets once again, ahead of an expected declaration of broader tariffs this week. 

The impending tariffs have particularly impacted equity markets in Asia and Europe, key exporters of cars and components to the US. In Europe, Germany, Sweden, and several central European countries are most exposed to the new tariffs, which are expected to be implemented by April 2. Elsewhere, the release of hotter-than-expected US PCE inflation at the end of last week also adds to a general ‘stagflationary’ theme for markets, albeit the accompanying spending data suggests US consumers remain unperturbed by the tariff threat for now, despite plunging household sentiment surveys of late.