Ireland among most vulnerable to trade war with US

European ratings agency Scope Ratings said that if the US pushes through and implements the full range of tariffs it 'would represent the biggest peacetime trade shock to the global economy in more than 100 years'

Ireland exports a lot of pharmaceuticals to the US, while Government budgets are highly dependent on corporation tax receipts which are largely concentrated in a handful of US multinationals. File picture: David Creedon

Ireland is among the most exposed countries to changes in US trade policy due to its level of exports to the US as well as openness to global trade and business cycles, a report by European ratings agency Scope Ratings has found.

Ireland has a large trade surplus with the US due to the high level of pharmaceuticals manufactured here and exported abroad. In addition, Government budgets are highly dependent on corporation tax receipts which are largely concentrated in a handful of US multinationals.