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South China Morning Post
20-07-2025
- Business
- South China Morning Post
Sean Stein on why US businesses are walking a tightrope to stay in China
Sean Stein is president of the US-China Business Council (USCBC), a Washington-based non-profit organisation that promotes trade between the world's two largest economies. The council represents more than 270 American companies doing business in China. He most recently served as board chair of the American Chamber of Commerce in China and is chair emeritus of the American Chamber of Commerce in Shanghai. Before that, he served for nearly three decades as a diplomat, including as US Consul General in Shenyang and Shanghai. This interview first appeared in SCMP Plus . For other interviews in the Open Questions series, click here It has been broadly assumed the US and China will extend the 90-day pause on tariff increases they agreed to after talks in Geneva by another 90 days. What trade deals could we see by November? What do American companies with business in China expect? How will their voices be heard in Washington? That is correct – it is almost inevitable that the 90-day pause gets extended, particularly since the two sides have announced that there is a framework deal. The alternative is unthinkable. It would mean going back to pre-Geneva, triple-digit tariffs, something neither side wants. Looking at the potential for a broader deal, now that China has added two fentanyl precursors to its list of restricted chemicals, there is some expectation that the US may lower the 20 per cent tariff it put in place due to fentanyl. When that happens, China is expected to lower some of its retaliatory tariffs. This could be a path back toward a more normal trade relationship, but so far, we have not seen the US take steps to reciprocate China's gesture. What the business community is worried about is that virtually all the discussion between the countries has been about tariffs.
RTÉ News
03-07-2025
- Business
- RTÉ News
US multinationals to increase employee numbers in Ireland over next year
60% of US multinationals that are members of the American Chamber of Commerce Ireland plan to increase employee numbers here over the next year. The findings of a new survey carried out by the American Chamber also show that a further 32.5% of US companies say they will maintain their current workforce levels. Ahead of an event in Dublin today to celebrate US Independence Day, AmCham surveyed its members current views on Ireland as a destination for growth and further investment. The companies included in the survey, which was carried out in the last week, represent around 52,000 of the employees within US multinationals across the country. 9 in 10 survey respondents say their corporate headquarters have a positive view of Ireland as an investment location, while 68% already have plans to invest in Ireland over the next 5 years. However, almost a third point to housing as the most important challenge to overcome for their company to invest and expand here. Just over a quarter, 26%, say cost competitiveness is the most important challenge, while 10.5% say skills shortage is the number one challenge. Other challenges include delays and complexity of the planning process, supply chain disruption, and the need to enhance R&D tax incentives. The CEO of the American Chamber says Ireland is "a strategic hub for innovation and global decision-makers in major American corporations". Paul Sweetman says almost 7.5% of Ireland's entire population is employed, directly or indirectly, by US multinationals. "On the flip side, Ireland is the 6th largest source of FDI into the US and Irish companies are employing almost as many people in the US as US companies are employing in Ireland." "It truly is a genuine two-way economic relationship," according to Mr Sweetman. He says while the geopolitical backdrop of trade, tariffs and uncertainty are "unquestionably causing challenges for our members," he says AmCham sees "a real and emerging optimism that the business community is ready to get moving through accelerating innovative projects and strategic investments". "The single biggest factor that will impact Ireland's long-term growth will be our own national competitiveness, a factor wholly within our control."
Irish Examiner
03-07-2025
- Business
- Irish Examiner
Most US firms in Ireland to grow or keep jobs despite global pressure, survey finds
The overwhelming majority of US businesses in Ireland plan to increase or maintain their employment levels in Ireland despite the global uncertainty, and deliberate efforts by US president Donald Trump to bring more manufacturing back to the States. Marking the July 4 Independence Day celebrations, the American Chamber of Commerce (AmCham) released the results of a survey conducted of its members, where 92.5% said they planned to increase or maintain their current level of employment in Ireland. Of those, 60% said they planned to increase employee numbers, while a third said they would maintain their current number. Nine in 10 survey respondents also said their corporate headquarters had a positive view of Ireland as an investment location, and 68% said their corporate headquarters already had plans to invest in Ireland over the next five years. US multinationals have formed a key part of the modern Irish economy, employing large numbers of workers in key sectors such as pharmaceuticals and technology. However, the Trump administration is engaged in an ongoing tariff war with much of the world, as he demands US companies operating abroad bring more of their operations back home. American Chamber chief executive Paul Sweetman said: "Almost 7.5% of Ireland's entire population is employed — directly or indirectly — by US multinationals. Ireland is a strategic hub for innovation and global decision-makers in major American corporations. "On the flip side, Ireland is the sixth largest source of FDI into the US, and Irish companies are employing almost as many people in the US as US companies are employing in Ireland. It truly is a genuine two-way economic relationship. "Against the geopolitical backdrop of trade, tariffs and uncertainty — which are unquestionably causing challenges for our members — we see a real and emerging optimism that the business community is ready to get moving through accelerating innovative projects and strategic investments." The survey also found a third of US businesses here said housing was the most important challenge for Ireland to overcome for their company to invest and expand here. Other challenges include cost competitiveness, a skills shortage, the complexity of the planning process, supply chain disruption and the need to enhance R&D tax incentives. When asked about the biggest risk is to continued FDI in Ireland over the next five years, housing was cited as the biggest risk (31%), ahead of public infrastructure, trade tariffs, labour costs and availability of skilled talent. On investment in AI and new technologies, 92.5% of respondents said they had increased or maintained AI investment this year, while 65% said they planned to increase investment in AI, automation or data analytics initiatives. When asked how they expect the AI transformation to affect their organisation over the next five years, 82.5% said they expected it to result in either increased or maintained investment. "In the long term, Ireland has a significant opportunity — built on a pedigree of delivery and a can-do attitude — to win new investments and grow. Read More A strong euro against the dollar is creating a new headache for Irish exporters
Bloomberg
02-06-2025
- Business
- Bloomberg
AmCham President Says China Isn't Blocking Rare Earths Exports
China has been slowly loosening the grip on its exports of rare earths over the past week, according to a lobby group for American businesses, after top US officials complained it hadn't been removing barriers as promised. 'We are seeing some approvals come through — certainly slower than industry would like,' said Michael Hart, president of the American Chamber of Commerce in China. 'Some of the delay is related to China working through their new system to approve exports, not that they are not allowing exports.'
Irish Times
29-05-2025
- Business
- Irish Times
Tax-break ‘enhancement' being considered for companies carrying out research and development
The Government is weighing up a possible boost to tax breaks for companies doing research and development (R&D) in the Republic, according to Minister for Finance Paschal Donohoe . Speaking to US investors at the American Chamber of Commerce Ireland annual dinner on Thursday, Mr Donohoe confirmed that he had been looking at ways of 'enhancing' a tax credit that returns 30 per cent of R&D spending to companies. 'We greatly value the feedback we are receiving, including as part of our recent public consultation, and this remains a key focus for my officials and I ahead of the Budget later this year,' he told the audience. Around 1,800 companies benefit from the tax break, one of several designed to attract and retain investment. READ MORE The American chamber represents US companies in the Republic, which employ 211,000 workers here and support a further 168,000 jobs in other businesses. The Minister pointed out that the relationship works both ways, as 770 Irish companies employ more than 200,000 in the US, while they have invested $350 million (€307 million) there. He also noted that Irish aviation companies are US manufacturer Boeing's biggest customers, with orders for more than 900 of its passenger jets, worth $120 billion. These include Ryanair, which has ordered 150 of Boeing's new 737 Max 10 aircraft, with an option for 150 more, and leasing groups Aercap, Avolon and SMBC Aviation Capital. Mr Donohoe was speaking a day after the US Court of International Trade blocked the country's president, Donald Trump , from imposing sweeping tariffs on imports. Last week he threatened to charge 50 per cent on all goods from the EU, but rowed that back to July 9th following a call with European Commission president, Ursula von der Leyen. Mr Donohoe cautioned that tariffs were counter-productive, driving inflation and hurting consumers. [ White House vows to fight court ruling that Trump's 'liberation day' tariff scheme is illegal Opens in new window ] 'There are no winners in this, least of all the US taxpayers who will bear the burden of higher costs,' he said. 'Even a 10 per cent tariff could have a significant effect on Irish investment and the wider economy. It represents a huge challenge to Irish exporters to the US.' He welcomed the contacts between Ms von der Leyen and Mr Trump. Paul Sweetman, American chamber chief executive, said the organisation was there to support members in responding to trade turmoil. Winners of the 2025 American Chamber of Commerce US-Ireland Business Awards Global Leadership: Martin Cotter, president of Analog Devices, Europe, Middle East and Africa Global Impact: Alltech Global Community: Microsoft and Maynooth University, STEM Passport for Inclusion.
