Will the Government's big projects survive the next downturn?
They then look at the Summer Economic Statement, also revealed this week, which shows there will not be much wriggle room in this year's Budget.
In part two, back to the NDP and what it says about the Government's plan for the development of transportation infrastructure.
Dublin's proposed MetroLink is one of the three mega projects identified, but there is €20 billion earmarked for other unidentified projects. Where should it go? How much will be spent on new roads, and what are the implications for carbon emissions? And what about public transport projects outside Dublin? Professor Brian Caulfield talks to Hugh and Pat.
READ MORE
Brian Caulfield is a Professor in Transportation in the Department of Civil, Structural and Environmental Engineering at Trinity College Dublin.
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Irish Times
38 minutes ago
- Irish Times
Call for Government to urgently support Irish businesses most at risk from US tariffs
Social Democrats finance spokesman Cian O'Callaghan says the Government must publish an updated summer economic statement to account for the EU 's tariff agreement with the US . In a statement on Sunday evening, Mr O'Callaghan welcomed a deal that 'avoids a catastrophic trade war', but said it is 'beyond doubt . . . that a 15 per cent tariff rate will be very damaging for many Irish businesses'. 'It is less than a week since the Government published its summer economic statement, using an assumption of no tariffs,' he added. 'This was despite the dogs on the street being aware that a 10 per cent tariff rate was the best possible outcome.' Mr O'Callaghan was one of a number of figures in Irish politics to publish statements regarding the trade deal on Sunday evening. Labour leader Ivana Bacik called on the Government to engage with Irish businesses, warning that continued uncertainty around pharmaceutical exports is evidence of 'just how difficult it is to engage constructively with the Trump administration'. READ MORE 'We in Labour are calling on the Government to fast-track the development of a new, modernised short-time work scheme to ensure that skilled jobs are not lost in sectors under pressure,' Ms Bacik said. 'Other EU countries have long-standing schemes that help employers retain staff during economic shocks. We need a system in place in Ireland that can respond to future volatility or sectoral downturns quickly and effectively.' Taoiseach Micheál Martin welcomed the agreement, saying it 'will help to protect many jobs in Ireland'. He added that it 'brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world". Mr Martin acknowledged that higher tariffs will make trade 'more expensive and more challenging' but said that the agreement 'creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US'. [ EU-US deal good for Ireland as it averts trade war but vital details remain unclear Opens in new window ] The Taoiseach pledged to study the details of the agreement, including its implications for Irish businesses exporting to the US and for other sectors operating here. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many,' his statement concluded. There were further calls to support Irish businesses from Sinn Féin spokesperson on foreign affairs and trade, Donnchadh Ó Laoghaire. 'Ultimately, while a deal is preferable to tit-for-tat tariffs, the reality is, tariffs of this kind are bad for businesses, consumers and workers,' he said. 'We need to take the necessary steps to support our indigenous businesses, to increase exports to new markets, to grow talent across the island and to trade across the island and internationally." Tánaiste and Minister for Foreign Affairs Simon Harris echoed the Taoiseach in welcoming the transatlantic trade agreement, noting that European Commission president Ursula von der Leyen described the 15 per cent tariff rate as 'all-inclusive'. 'While Ireland regrets that the baseline tariff of 15 per cent is included in the agreement, it is important that we now have more certainty on the foundations of the EU-US trade relationship, which is essential for jobs, growth and investment,' Mr Harris said. Finally, Danny McCoy, CEO of business lobby Ibec, said the trade agreement represents a 'substantial burden for many industries', particularly those relying heavily on the US market to operate. 'Our message to the Government, as it was with the 10 per cent tariff, is that the most exposed sectors will require support similar to the interventions provided as a response to Brexit,' Mr McCoy said.
Irish Times
2 hours ago
- Irish Times
The Irish Times view on the EU/US trade deal: a step towards economic stability
The agreement of an outline trade deal between the EU and the US is positive, to the extent that it avoids the risk of a full-scale tariffs war between the two sides. For Ireland, the EU state most exposed to US trade and investment, this could have been particularly damaging. What the EU has been dealing with here is damage limitation. Average tariffs of 15 per cent on EU imports into the US - a central part of the deal - are roughly three times the rate that applied when Donald Trump came to office. This will cause economic damage on both sides of the Atlantic. Whatever Trump's objections are to the way the EU treats US imports, dealing with them this way ensures US consumers will pay more for their goods, as well as damaging Europe. Trump is claiming the deal, which also includes promises of EU purchases of US energy and military equipment, as a triumph. And he did get a lot of what he wanted. Perhaps driven in large part by the desire to see continued US support for Nato and Ukraine, the EU has been on the back foot. It has been faced by a US president pursuing a relentless tariff agenda, partly driven by economic nationalism and partly by the need to raise cash for the US exchequer. The main gain for the EU – and for Ireland - of the outline deal is that it avoids the risk of a trade war, which would have had unpredictable and dangerous consequences. Trump had threatened a general tariff level of 30 per cent to apply from next week on EU imports and, had there not been a deal, the EU had a list of US goods ready on which it planned to impose tariffs. This could have escalated quickly, potentially drawing in US digital tech companies, many with international bases in Ireland. READ MORE Details have still to be spelled out on how the 15 per cent tariffs will be applied and these will be important. The impact will vary across different sectors of exporters from Ireland to the US and will be difficult in some areas. It may be some weeks before this is clear. Importantly for Ireland, Trump has said a separate process examining what should happen to the pharma sector will continue and he again underlined that he wanted key drugs and ingredients made in the US. While there was some uncertainty on this in the immediate wake of the deal, the risk of higher tariffs in this area, or other action to try to get pharma companies to relocate production to the US, appears to remain. And while European Commission president Ursula von der Leyen said that in general the deal would bring 'stability', the final details have still to be agreed and published. With Trump in office, uncertainty will remain. However, it is still better to have a basic deal which, provided it holds, will now start to restore some level of certainty to trade between the US and EU.
Irish Daily Mirror
2 hours ago
- Irish Daily Mirror
Taoiseach welcomes trade deal between EU and US
Taoiseach Micheál Martin has welcomed a deal between the European Union and the United States, which will see a 15% tariff on most EU imports to the US. The deal was reached during a meeting between Donald Trump and the president of the European Commission on Sunday. The US president met European Commission President Ursula von der Leyen to hammer out the final details on the trading relationship between Europe and the US. Reacting to the deal, Mr Martin said the agreement was very welcome. 'It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world,' the Fianna Fail leader said. 'That is good for businesses, investors and consumers. It will help protect many jobs in Ireland. 'The negotiations to get us to this point have been long and complex, and I would like to thank both teams for their patient work. 'We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. 'The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead.' Mr Martin said the higher tariffs will have an impact on trade between the EU and the US, which will make it more expensive and more challenging. US President Donald Trump enjoyed a round of golf before his meeting with Ursula von der Leyen 'However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy,' he added. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many.' The deal was also welcomed by deputy Irish premier and Minister for Foreign Affairs and Trade Simon Harris, who said it brings clarity to businesses. 'While we have yet to see the detail, I welcome that an agreement has been announced by Commission President von der Leyen and US President Trump,' Mr Harris said in a statement. 'A deal provides a measure of much-needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. Ireland makes a key contribution to this with the Ireland-US economic relationship valued at more than one trillion euros. 'The US had made clear, and this has been replicated in other recent agreements, which the US has reached with other countries, that a baseline tariff was always going to be part of the outcome. 'I have always stressed that tariffs are damaging and will have a negative impact on companies exporting to the US. 'While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment. 'President von der Leyen described this as 15% tariffs across the board, all-inclusive.' He said further detail is needed around pharma, aviation and other sectors. Mr Harris said he will examine the details of the agreement over the coming days to establish the effect on Irish businesses and the economy. Earlier, EU commissioner Michael McGrath said the meeting was a 'significant and decisive moment'. Mr McGrath, EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said it would involve substantive negotiations between both sides. 'It's a significant moment, we hope a decisive moment, and it builds on an enormous amount of work that has been done over quite a period of time,' Mr McGrath said ahead of the meeting. 'President Trump invited President von der Leyen to Scotland for a meeting. 'This follows on the back of intensive negotiations over a number of months. He added: 'It is not a case of turning up and signing on the dotted line. There will be a real discussion that will happen, and it will take on a dynamic of its own, and let's see what happens over the course of the afternoon. 'But from the EU's point of view, we are determined to do all that we can to get a deal for European businesses, because we recognise the cost of uncertainty. 'It manifests in trade and in investment decisions and ultimately in employment and of course tariffs can cost consumers at the end of the day. 'We want a good deal. We have negotiated hard, and we're at a point now where hopefully the two leaders can today bring it to a concluding phase.' Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here.
