US pauses plans for higher tariffs on EU as trade talks continue
However, the Government here has ruled out any once-off supports for businesses in this autumn's budget despite warning that the economy faces 'serious risks' as a result of US trade uncertainly.
Taoiseach Micheál Martin has said he 'remains hopeful' that the US and the EU can agree an outline agreement or framework principle agreement this week after speaking with EU Commission president Ursula von der Leyen, but he added that there are still 'a number of issues' to be negotiated.
Although the Trump administration has provided a tariff extension beyond the initial deadline of this Wednesday, Tánaiste Simon Harris said it remains the position of the EU and the Irish Government that discussions on a trade agreement should be concluded before the new August 1 deadline. Mr Harris said:
I want to be clear that while it is likely there will be some form of tariffs going forward, their imposition even at a lower rate is bad for consumers, jobs, economic growth, and investment.
The Trump administration has already imposed 50% tariffs on all steel and aluminium imported into the US as well as 25% duties on cars and car parts.
While the US appears adamant that a 10% 'universal' levy on most other exports will remain in place, the EU has been pushing for special 'zero-for-zero' exemptions on some products.
No special package for businesses
However, public expenditure minister Jack Chambers said there will be no special package for businesses in the budget even if a deal is not reached with the US.
'If there isn't an outcome, we know we're into a much greater level of uncertainty and but we're conscious in how we're engaging presently, that we are surrounded by uncertainty whether we have a deal or not,' he said.
Speaking after a meeting of the Government's competitiveness forum, Mr Chambers added: 'We've been clear that the measures we take have to be permanent and sustained and sustainable, and that means real choices and priorities for each minister about how they want to approach budget 2026.
There's no intention to have one-off or temporary measures, and we want to return to a much more regular, structured budgetary environment.
He warned that extra funds will have to be found to pay for overruns within the HSE again this year.
'We know that the overall rate of current expenditure is at about 6.5%, year on year, and that's a moderation from what happened between 2023 and 2024.
'We need much better discipline across Government on how expenditure is managed within [the] year and also to manage the overall trajectory of public spending over the medium term.'
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