In response to the recent imposition of 20% tariffs by the US on EU exports, Tánaiste and Minister for Foreign Affairs and Trade, Simon Harris, chaired a special meeting of the Government’s Trade Forum. The forum, which brings together government ministers, business leaders, and other key stakeholders, focused on Ireland’s strategy to counter the impact of the tariffs and explore alternative markets for growth.
Action Plan for Market Diversification
At the meeting, Harris called for a detailed Action Plan on Market Diversification, requesting it within six weeks. The plan will outline potential avenues for Irish businesses to reduce reliance on the US market and expand into new global markets. While the US remains a critical trading partner, Harris emphasized the importance of exploring new supply chains and opportunities worldwide.
Pharmaceutical Sector at Risk
Concerns over the pharmaceutical sector were raised, with fears that sector-specific tariffs could be imposed by the US in the future. The Forum received a presentation from IDA Ireland on the potential impact of these developments on Ireland’s key industries.
Global Trade Relations and Diplomacy
In his address, Harris acknowledged the global economic turbulence caused by the tariffs, noting the importance of Ireland’s continued engagement with the EU and global trade partners. Harris also highlighted his recent diplomatic efforts, including discussions with EU counterparts and US Secretary of Commerce, Howard Lutnick.
The Tánaiste is set to represent Ireland at the EU Trade Ministers meeting in Luxembourg on Monday, where the EU will decide on its collective response to the tariffs. Harris reaffirmed that Ireland’s approach will be measured, focusing on both short-term responses and long-term strategies to safeguard economic stability.
The Trade Forum’s Role
The Government Trade Forum, which convenes regularly to discuss Ireland’s trade challenges and opportunities, has played a crucial role in fostering policy dialogue among stakeholders. This forum aims to keep Ireland’s economy resilient amid shifting global dynamics and ensure Ireland remains competitive in international trade.
This marks the third meeting of the Trade Forum in 2025, following previous sessions in February and March. The forum’s ongoing discussions will continue to shape Ireland’s economic strategy in the face of rising global uncertainties.
