Traders fear that Ireland's main source of export earnings, pharmaceuticals and chemicals, could collapse if US President-elect Donald Trump's new tariffs are implemented. Because more than 70 percent of the country's total export income comes from this sector. And 80 percent of it is exported to the United States. Therefore, if Trump increases tariffs, exports in this sector may be severely affected.
According to government data, Ireland earned a record €2.22 billion from exports last September. As a single country, the majority of this income came from the United States. After that, the position of the EU is the alliance of the countries of the European Union.
However, industrial entrepreneurs and businessmen believe that this situation can change after Trump takes power. Because, as previously announced with responsibility, the increase in import duties will greatly reduce the export of Irish goods. Moreover, Robert F., well known for his anti-vaccine position. Trump's selection of Kennedy Jr. as health secretary added to the concern.
Janet Maxwell, director of tax at audit firm Grant Thornton, told The Irish Times, 'The Trump administration's new tariff policy could pose a potential barrier to Irish-US trade. Although its effect is not before 2025.'
Carol Lynch, customs and trade partner at chartered accountancy firm 'BDO' Ireland, gave the warning. He told the Irish Times, 'Over 31 per cent of total US imports are from Irish exports. It is the highest for a single country outside the EU. But Trump's new tariffs could shrink the presence of US multinationals in the Irish export market.'
He also said, 'The most concern is about the pharmaceutical and chemical sector. About two-thirds of the country's total export earnings come from this sector, 80 percent of which comes from exports to the United States.'
Robert F. Carol Lynch believes this concern has been exacerbated by the selection of Kennedy Jr. as Trump's health secretary.
According to the latest data from Ireland's Central Statistics Office (CSO), exports of Irish goods rose 12 percent to nearly €16.6 billion in the first nine months of this year. Exports from the pharmaceutical and chemical sector alone rose by 4.6 billion euros, or 77 percent, to 1.7 billion euros in September, accounting for 48 percent of the country's total export earnings.
Last September, 1,400 million euros worth of goods (47 percent) were exported to several EU countries. Out of this, 260 crores in Belgium, 240 crores in Netherlands and 1700 crores in Germany have been exported. Beyond this, goods exported to the United States alone amounted to €6.9 billion, which is 31 percent of total Irish export earnings.
