Irish firms need to treat tariffs as the 'new normal'

Trade expert warns the tariffs have garnered the US a lot of leverage globally

John O'Loughlin, global trade and customs partner at PwC Ireland; with Nicola Quinn, tax partner at PwC; Michael Harte, chief executive of Dairygold; and economist Jim Power at the PwC business leaders event in Cork on Tuesday.

Tariffs are likely to remain a feature of US trade policy for an extended period of time, and companies will have to adjust to this “new normal” as they move into more medium- to long-term planning, a global trade expert has said.

This comes following a hearing in the US Supreme Court last week which could see the tariffs implemented on all imports into the US by President Donald Trump since April ruled illegal. However, Mr Trump has other mechanisms available to impose tariffs.