Minister signals tough budget after Donald Trump's new 30pc EU tariff threat
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Irish Independent
39 minutes ago
- Irish Independent
Minister Darragh O'Brien hopeful Trump's 30pc tariff will not start trade war
On Saturday, Mr Trump shared statements on his Truth Social platform outlining 30pc tariffs on imports to the US from the EU and Mexico. Mr O'Brien said negotiations between the EU and the US have been positive so far. A trade deal is yet to be reached, and the EU had hoped to negotiate a deal including zero-for-zero tariffs on industrial goods. Asked on RTÉ's This Week if Mr Trump's announcement would spark a trade war, Mr O'Brien said: 'We sincerely hope not. 'I think the Taoiseach has been very clear as well in really setting out that we want respectful dialogue to continue. 'There is still time in this space. The EU and the US enjoy the biggest economic relationship. It's good for both blocs. It's good for the EU, it's good for the US.' Mr O'Brien said tariffs are 'good for no one', and the EU will now be focused on pressing ahead with negotiations with a view to wrapping up a deal ahead of the 30pc tariff coming into effect on August 1. 'Obviously the statement issued by the US administration and President Trump in particular, is one that leads us to be greatly concerned, no question,' he said. 'But I think my understanding, as the Taoiseach has outlined, is the negotiations heretofore have been carried out in a very respectful way, in a business-like way, and I still believe we need to use the time between now and the first of August to conclude a deal that is good for both the European Union and the United States.' Uncertainty brought by the threat of US tariffs has not been good for the economy, Mr O'Brien said, particularly relating to new investment in the private sector. 'We don't want to catastrophise the situation either, and this may be a negotiation… We've outlined from the very start, actually during the general election campaign, my party leader and the Taoiseach was very clear to say that obviously any budgets we bring forward are fully mindful of the economic situation at the time,' he said. ADVERTISEMENT 'But really our focus as a government, between the Taoiseach and Tánaiste and all of my colleagues, is working with our European Union partners to conclude an arrangement that can allow us to continue to trade. 'Look, tariffs are good for no one, and obviously the trading situation that we have right now, prior to the new administration has been advantageous for both. 'It allows US companies access to their biggest market in the European Union, FDI from the United States is very important for us.' Mr O'Brien added that the Irish people and economy 'were very resilient post-Brexit' despite concerns over the impact of the UK leaving the EU at the time. 'There were many concerns, and rightly outlined at the time, about the impact that would have on businesses, and we managed our way through it, and working together I believe we will manage our way through this also,' he said.
Irish Examiner
2 hours ago
- Irish Examiner
John Whelan: Another tariff escape for Ireland's pharma companies
The pharmaceutical industry appears to have once again avoided the US tariff chaos, created by US president Donald Trump's letter addressed to European Commission president Ursula von der Leyen, posted Saturday on his social media platform, Truth Social. His threat to raise tariffs on European products to 30% starting on August 1, is widely seen as a gambit to force the hand of the European Commission who have already responded with a written statement, saying 'we remain ready to continue working towards an agreement by August 1,' adding that 'at the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required'. This is exclusive subscriber content. Already a subscriber? Sign in Take us with you this summer. Annual €130€65 Best value Monthly €12€6 / month
RTÉ News
2 hours ago
- RTÉ News
EU prefers negotiated solution with US, says von der Leyen
The European Union prefers a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen has said, adding that the bloc would extend its suspension of countermeasures to US tariffs until early August. President Donald Trump yesterday threatened to impose a 30% tariff on imports from the EU and Mexico starting on 1 August, after weeks of negotiations with the major US trading partners failed to reach a comprehensive trade deal. "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," Ms von der Leyen said, a reference to a tool that allows the EU to go beyond traditional tariffs on goods and impose restrictions on trade in services too. The EU's current suspension of its retaliation over US steel and aluminium tariffs had been set to expire overnight tomorrow. Ms von der Leyen also announced a "political agreement" with Indonesia to conclude a free trade deal, as she met President Prabowo Subianto in Brussels. "We're living in turbulent times and when economic uncertainty meets geopolitical volatility, partners like us must come closer together. So today we're taking a big step forward in this partnership," Ms von der Leyen told journalists. Meanwhile, German's finance minister has said that the European Union will need to take "decisive" action to counter US tariffs if no "fair" deal is reached with Washington to avert threatened levies. Lars Klingbeil told the Sueddeutsche Zeitung newspaper that "serious and solution-oriented negotiations" with the US were still necessary, but added that if they fail, the EU would need "decisive counter-measures to protect jobs and businesses in Europe". Mr Klingbeil said the tariffs would have "only losers" and "threaten the American economy at least as much as businesses in Europe". He said that "Europe remains determined and united: we want a fair deal." "Our hand remains outstretched but we won't accept just anything," Mr Klingbeil said, and added that contingency measures in the case of no deal "must continue to be prepared".
