Tariffs represent 'most serious challenge to transatlantic economic relations in generations'
Tánaiste Simon Harris will emphasise the importance of Ireland taking its own actions in order to boost competitiveness and protect businesses at the National Economic Dialogue at Dublin Castle. Picture: Sam Boal/Collins
The Tánaiste is to warn that the threat of further tariffs represents “the most serious challenge to transatlantic economic relations in generations".
In a keynote speech at the National Economic Dialogue at Dublin Castle, Simon Harris will insist that the EU must remain steadfast in pursuing “substantive, calm, measured, and comprehensive dialogue” with the US in order to avoid the imposition of further tariffs.
Later on Monday, the Tánaiste and minister for foreign affairs and trade will hold discussions with the EU’s trade commissioner Maros Sefcovic and receive an update on negotiations with the US.
There are 23 days left to reaching a trade agreement between the US and the EU.
The Tánaiste spoke last week with US trade chief Jameson Greer and will also hold a series of engagements with his European counterparts this week.
He will tell the National Economic Dialogue that this year's budget must be framed to ensure Ireland remains competitive in a turbulent global economy.
He will say the greatest challenge and strain our economy faces remains housing, so the budget and the upcoming national development plan must prioritise the construction of homes.
In relation to the looming threat of further tariffs, the Tánaiste will say that “despite the suspension of higher tariff rates announced on so-called 'Liberation Day', and notwithstanding the ongoing legal dispute arising from the US Court of International Trade ruling, Irish and EU exporters to the US remain subject to an additional 10% tariff on goods, as well as sectoral tariffs on steel, aluminium, and cars.
He will add: “Together with threats of further tariffs on pharmaceuticals, semiconductors, and aircraft arising from Section 232 investigations, this represents the most serious challenge to transatlantic economic relations in generations.”
The Tánaiste will also emphasise the importance of Ireland taking its own actions in order to boost competitiveness and protect businesses.
He will point to the energy sector as an example where there are particular opportunities for Irish companies and stress the need to reduce barriers at an EU level so businesses can grow.
“Too many European companies remain trapped in domestic markets, unable to achieve the scale necessary to compete globally," Mr Harris will say.
“I am working to reduce barriers to cross-border expansion and to create incentives for companies to think European from the outset.”
The Tanaiste will also reference Ireland’s hosting of the EU presidency as a major opportunity to show leadership on the world stage.
“Make no mistake — the rules-based, multilateral trading system is being challenged.
"At a time of global uncertainty, Ireland must not only defend this model but continue to strengthen and champion it.
"We can absolutely do this; our experience as a small, open economy that has thrived through European integration while maintaining global connections puts us in an excellent position.
“Whether in managing trade tensions with the US, rebuilding relationships with the UK, enhancing European competitiveness, or leading the EU during our presidency, Ireland has the opportunity to contribute constructively to solutions.
“I am committed to ensuring that we seize that opportunity — for Ireland, for Europe, and for the common values that we share.”
