Cork export businesses did not expect US to unleash tariff turmoil 

Chamber exporters surveyed in January, February, and March found six out of 10 did not expect any trade barriers this year

A portside crane in Cork City. Almost six out of 10 export businesses in Cork did not expect any barriers to  their trade this year before the US administration unveiled its plans for global tariffs.

Almost six out of 10 export businesses in Cork did not expect any barriers to their trade this year before the US administration unveiled its plans for global tariffs.

The survey of Cork Chamber businesses carried out by PTSB found that 21% of respondents expected their levels of trade to grow in 2025. The Economic Trends survey was carried out in  January, February and March 2025, prior to the announcement of US tariffs by US president Donald Trump. Mr Trump has slapped a 20% tariff on EU goods - including Ireland - entering the United States.

The survey of Cork Chamber members found that 59% did not foresee any major barriers to growing their level of international trade, with 41% expecting challenges to international trade. Nevertheless, market uncertainty remained a concern, with 81% of responding businesses expressing some level of concern about geopolitical developments.

"Ongoing uncertainty around international trade – particularly the prospect of US tariffs on Irish exports – was a source of concern for many in our business community at the time the survey was carried out," said Cork Chamber president Rob Horgan.

“That being said, Ireland continues to benefit from seamless trade links with our European partners as a member of the EU Single Market. The EU remains a key trading partner for Irish businesses, cited by 46% of respondents as the market they most frequently engage with. It is also encouraging to see that 96% of those trading within the EU experience no challenges when accessing the single market.”   

 The research found most businesses remained upbeat about their hopes for the year, PTSB business banking manager Auriol Kelly said.  “Overall confidence in the Irish economy has remained high, with 74% expressing confidence about the overall economic outlook for the remainder of 2025 and 92% expressing confidence in the outlook for their own business. There was, however, an increase in concerns regarding the economic threat posed by rising business costs.

“It is reassuring to see such high levels of confidence about the economic outlook for Ireland, despite ongoing uncertainty at a global level. Continuing to engage with and support businesses in these uncertain times remains a priority as the international landscape evolves.”

Some 45% of businesses predicted employee numbers to rise over the year - down from the 52% predicted in the fourth quarter of 2024, with 44% of businesses expecting staffing to remain unchanged, and 11% predicting a decrease. 

Chamber president Rob Horgan noted the survey showed some concerns among businesses regarding domestic economic threats, such as specialist skills shortages. "It is vital that we mitigate concerns like these as much as possible to maintain Ireland’s competitive edge as we face into potential economic headwinds internationally," Mr Horgan said.

Half of businesses surveyed expected an increase in turnover this year. Cork Chamber represents almost 1,200 businesses. Businesses who responded to the economic trends survey represent a broad range of sectors: life sciences a manufacturing; agriculture, food and drink; ICT and digital economy; tourism, hospitality, retail and leisure; culture, arts, community and media; built environment, education and training; services (including financial); transport, energy and maritime and health.