Deepening of Ireland-US economic links will be 'essential'

US secretary of commerce Wilbur Ross.

The US secretary of commerce Wilbur Ross has said a deepening of economic ties between Ireland and the US will be “essential” for both countries.

“My department will continue to make resources available to Ireland’s business and Government. Deepening our bilateral economic ties is essential to economic recovery for both our nations,” he said.

Mr Ross has been one of the Trump administration’s key voices on business affairs since early 2017 and is largely notable in Ireland for investing in Bank of Ireland in the last decade.

He was speaking on a webinar regarding the future of the economic relationship between Ireland and the US; which also featured Finance Minister Paschal Donohoe, US Congressman Richard Neal, and Ibec CEO Danny McCoy.

Mr Donohoe said foreign direct investment has been “an essential element” of Ireland’s recent economic success, with the country acting as “a bridge” for American companies selling into Europe and beyond.

However, he said policymakers need to “rise to the agenda” to improve trade relations and create more mutually-enriching trade relationships.

Richard Neal warned that, despite so much of the US’ economic history being based on successful trade treaties, the concept of overseas trade has lost its popularity in America.

“Getting our constituents to re-engage on trade has been a bit of a challenge,” he said.

 Ibec Chief Executive Officer Danny McCoy.

Mr McCoy said the “weaponisation of tariffs” needs to be reduced between the US and the EU.

In terms of the world order, it is important that the EU and the US are actually together

Mr Neal said Brexit shouldn’t have a long-term impact on how Ireland and the US do business with each other, saying the relationship between the two countries goes far beyond EU access.

“But, it is also the understanding that Ireland really is the gateway to Europe. So, we both have a vested interest in making sure that relationship only continues to grow,” he said.

"You trade with people you like, fundamentally and that relationship between Ireland and the US is one which we can take onto another level and a global level," said Mr McCoy.

Negative publicity

Meanwhile, Deutsche Bank is planning to sever links with US President Donald Trump, saying it has become tired of negative publicity.

Deutsche Bank has about $340m (€290m) in loans outstanding to the Trump Organisation, the president’s umbrella group that is currently overseen by his two sons. The bank has, over the years, lent Mr Trump more than $2bn.

The German bank has been dragged into congressional and other investigations into Mr Trump's finances and alleged Russia connections.

The probes and the bad press are being viewed by senior executives at the bank as “serious collateral damage” and an unwelcome distraction.