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Irish Times
31 minutes ago
- Irish Times
Tariffs may kill EU-US trade and hunt for auction house treasure
US president Donald Trump's threatened tariffs of 30 per cent would realistically cut off the European Union's ability to keep trading with the United States as it has done for years, the union's top negotiator has said. Jack Power reports. The State is 'well positioned against the backdrop of uncertain markets' even though the Ireland still has debt of more than €200 billion and there is no place for complacency, National Treasury Management Agency (NTMA) chief executive Frank O'Connor said as the agency published its latest annual report. Martin Wall has the story. UK bank NatWest is to exit its stake in PTSB, just over three years after it invested in the Irish bank as part of Ulster Bank's exit from the Republic. Joe Brennan reports. Business lobbying group Ibec has called on the Government to reduce the growth of public expenditure in an effort to reduce the State's reliance on 'volatile' corporate profit tax receipts. Hugh Dooley reports. READ MORE Cantillon looks at the woes Rachel Reeves is enduring as UK chancellor, while also asking why markets are so calm this time in the face of Trump's latest salvos. Many of us have seen someone turn up on the Antiques Roadshow or Cash in the Attic with something they bought for buttons that turns out to worth thousands if not more, but does could it happen to you? Fiona Reddan shows how to find out if that cheap copy you have is actually the real thing. In Your Money, Dominic Coyle answers reader questions on how to treat retirement funds, and whether a widow should hold on to her late husband's broker account. The average wholesale price of electricity per megawatt hour fell for the fifth month in a row in June to drop to its lowest level since April 2024. Colin has the details. The High Court has granted social media giant TikTok permission to pursue a legal challenge against what it argues is the 'penal' €530 million fine imposed upon it by the Data Protection Commissioner (DPC) over the alleged transfer of site-users' personal data to China. Paul Neilan reports. A construction firm is suing a glazing company over alleged defects in glass installed at the Exo Building in Dublin's Point village which it says cost some €6.8 million to repair, the Commercial Court heard. A Milanese court placed exclusive clothing label Loro Piana under judicial administration for subcontracting production to suppliers that allegedly exploited workers, making the LVMH-owned cashmere brand the latest fashion house to be caught up in a series of investigations into labour rights violations. European Commission vice-president Teresa Ribera has warned China that the EU will not tolerate ' dumping ' of low-cost Chinese electric vehicles in Europe. And she rejected the idea that the EU should accept 'cheap equipment' to help member-states to reach their decarbonisation goals. Denis Staunton reports. Shortlists for the annual Business to Arts Awards, which take place at the National Concert Hall September, have been announced . The awards, which recognise businesses that have partnerships with artists and arts organisations, will be judged by representatives from CBRE, ESB, Community Foundation Ireland, Irish Life, The Irish Times, and TileStyle. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
an hour ago
- Irish Times
A timeline of key tariff-related events
February 1st: Steep new United States tariffs on Canada, Mexico and China announced. February 3rd: Mexico, Canada tariffs placed on hold for 30 days. February 4th: Tariffs on China take effect, Beijing reveals retaliatory package. February 10th: US sets 25 per cent tariffs on aluminium and steel imports – expected to take effect March 12th. READ MORE March 4th: Delayed 25 per cent US tariffs on Mexico and Canada take effect, US announces additional 10 per cent levy on Chinese imports. Canada announces retaliatory package: 25 per cent tariffs on $155 billion (€133 billion) worth of imported goods, including an immediate list of goods worth $30 billion. March 6th: New executive orders backtrack on sweeping 25 per cent tariffs on Mexico and Canada. March 11th: The US announces an additional 25 per cent tariff on steel and aluminium imports from Canada, which retaliates with new tariffs on almost $21 billion of US goods. March 24th: The US announces tariffs against countries that buy Venezuelan oil. March 26th: US president Donald Trump announces the US will impose tariffs of 25 per cent on foreign-made car imports. Other nations plan reprisals. April 2nd: Trump announces the US will impose tariffs ranging from 10 to 50 per cent on 185 countries. A universal 10 per cent tariff on all countries will start on April 5th, while other tariffs will begin on April 9th. Trump also announced that the 25 per cent tariff on foreign-made car imports will begin at midnight on April 3rd. April 4th: China announces 34 per cent retaliatory tariffs. The Juggle: Issues facing women with young children when balancing childcare and career Listen | 44:30 April 8th: White House confirms plans to proceed with another 50 per cent tariff on Chinese goods with effect from Wednesday, April 9th. April 9th: China announces additional retaliatory tariff of 50 per cent on US imports. Trump announces an increase of the US tariff rate on China to as high as 145 per cent and a 90-day pause on other countries, during which their tariff rates will be reduced to the baseline 10 per cent. April 11th: China increases retaliatory tariffs on US imports to 125 per cent. The Trump administration announces that it will exempt smartphones and other consumer electronics from its steep reciprocal tariffs – but the president later signals that this reprieve would only be temporary. April 29th: Trump executive order offers car manufacturers some relief from tariffs. May 8th: First deal of trade war sees cuts to punitive tariffs on British car and steel exports but keeps 10 per cent American levies on other exports. May 12th: China and the US agree to lower tariffs for the next 90 days. May 25th: Trump agrees to delay a threatened 50 per cent tariffs on the European Union and extend trade negotiations until July 9th, after a conversation with European Commission president Ursula von der Leyen. May 28th: US trade court says Trump's global tariffs are illegal. May 30th: Trump says he will double steel and aluminium tariffs to 50 per cent with the new levies set to take effect from June 4th. July 2nd: Trump announces a trade deal with Vietnam, with US imports from the Asian country subject to a 20 per cent levy. July 7th: White House extends deadline for 'reciprocal' tariffs from July 9th to August 1st. July 10th: Trump sets a tariff on copper of 50 per cent, effective August 1st, and threatens a 200 per cent levy on pharmaceuticals. July 12th: Trump announces a 30 per cent tariff on Mexico and the EU, effective August 1st.
Irish Times
an hour ago
- Irish Times
Are markets walking blindly into trouble?
Amid the deliberate drama of US president Donald Trump 's brinkmanship on tariffs , the relative calm of the markets stands out by contrast. Back in April when Trump made his initial Liberation Day pronouncements, the markets wobbled significantly. This time around, while they did come back marginally for record highs, the move has been modest. So what gives? Is the market betting that this is simply another Taco [Trump Always Chickens Out] trade – tough-talking by the president for the benefit of his Maga [Make America Great Again] constituency? Both EU and US officials have made it known in recent days that a deal is very close, so much so that the EU, at least, was taken aback by Trump's weekend bombshell. It would not be alien to the president's playbook to intervene at such a point and then take credit later when a deal follows as expected. READ MORE Or are investors buying into the Maga belief that companies exporting to the United States can and will swallow the tariff impact by cutting their prices so there is no impact on end consumers? As Davy head of equities Aidan Donnelly puts it: 'Either Wall Street doesn't believe that these measures will actually go through or they just don't care.' Trump supporters point to the lack of any inflationary impact over the past three months. But that ignores first that most companies have stockpiled precisely to try to beat tariffs, and second that those months have, for the most part, involved threats rather than concrete action on tariffs. About 80 per cent of clothing and footwear sold in the US last year was imported, according to Euromonitor. And 61 per cent of all imports came from four markets – the European Union, China, Mexico and Canada. The Juggle: Issues facing women with young children when balancing childcare and careers Listen | 44:30 The notion that consumers and the US economy can escape any impact from tariffs is fanciful, as is the idea that margins are so fat that companies can simply cut prices to fully offset a 30 per cent tax. Stock markets, Donnelly argues, may be underpricing the risks. The sharp rise in bond yields back in April forced a Trump rethink, he says, strengthening confidence in a 'Trump Put' – a level for the market at which the president would back down on unpopular policies. But, Donnelly warns, Trump's recent policy successes on several fronts mean he may feel able to absorb some unpopularity to push through a tariff policy that appears to be a cornerstone of the administration's economic plan. That could yet mean a significant downside for markets and investors.
