07-07-2025
- Business
- Irish Independent
Week ahead in business: Trump tariffs, inflation data and Competitiveness Summit
The 'pause', which already imposes a 10pc import tax on Irish and other EU goods, was begun after bond markets tanked in response to the original 'Liberation Day' proposal for sweeping tariffs on partners including the EU and Japan.
Previous experience of Mr Trump's unilateral imposition of conditions on trading partners indicates he will ratchet up rhetoric and potentially even launch a bruising new round of tariffs once the July 9 deadline hits and only walk that back once the potential financial fallout particularly on America's own borrowing costs, starts to become clear.
The US president has shown a very high tolerance for shocks to the stock markets, by contrast.
Yesterday, White House economic adviser Kevin Hassett indicated he believes some trade negotiations will push past Wednesday's deadline but the situation remains fluid and volatile.
Meanwhile, back home, there is inflation data due on Thursday from the Central Statistics Office (CSO). Inflation is largely contained but resurgent pressure on the cost of food and groceries is becoming increasingly stark.
Economic data from the CSO also due on Thursday will tell whether gross domestic product growth has moderated on the back of the uncertainty over trade.
National Competitiveness and Productivity Council (NCPC) is scheduled to publish this year's Ireland's Competitiveness Challenge report tomorrow.
The second annual Competitiveness Summit is scheduled to take place today, hosted by An Taoiseach. In September 2024, the first Competitiveness Summit was attended by a number of ministers, the chair of the NCPC, along with representatives of the OECD, IDA Ireland, Enterprise Ireland and the CCPC.
The High Court has extended the examinership of the Workman's Club Ltd in Dublin, to Thursday.
