News Archives - Page 4 of 642 - Pat Carroll PCCO - Chartered Accountants & Tax Advisors

Construction activity rises amid stronger new order growth – AIB PMI

Construction activity rose in March – the first increase in total activity in three months – amid stronger new order growth, the latest Purchasing Managers Index from AIB shows.

The AIB Ireland Construction Total Activity Index moved back above the 50 no-change mark in March to reach 53.9, up from 48.7 in February, marking the strongest level for three years.

Companies said that rising new orders amid improving customer demand had been behind the increase in activity last month.

The strongest increase was seen iin commercial activity, which rose sharply and to the largest extent since March 2022.

Housing activity expanded for the seventh month in a row, while civil engineering activity broadly stabilised after a sustained period of reduction.

AIB also noted that the start of new projects led building companies to increase staffing levels in March, following a fall in February. But the use of sub-contractors decreased, ending a six-month sequence of growth.

Today’s survey also showed that the rate of input cost inflation quickened for the second month in a row and was the steepest for almost two years.

Despite the generally improving picture in March, AIB said that business confidence continued to trend downwards, dropping for the third consecutive month to the lowest since November 2023.

While success in securing new orders supported optimism, construction firms expressed concerns about a possible slowdown in the wider economy and uncertainty regarding US trade policy.

John Fahey, AIB’s senior economist, said that this month’s PMI is the first time since December of last year that the index is back above the key 50 level, consistent with an expansion in activity.

“There were some promising signs emanating from the new orders index, which is considered a key leading indicator. Orders expanded for the fourth time in the past five months and at its sharpest pace since July 2024,” the economist said.

He said that construction firms attributed the expansion in part to starting some projects which had previously been on hold.

“Meanwhile, the sector saw a return to jobs growth last month, as firms increased staffing levels in response to new business. Construction firms remained optimistic on the prospect of increasing activity levels over the coming 12 months,” he said.

But he noted that sentiment in this regard was at it lowest level since November 2023.

Article Source – Construction activity rises amid stronger new order growth – AIB PMI – RTE

Copyright and Related Rights Act, 2000

Trade war threat to impact housing market this year – report

The threat of a trade war will influence how the housing market will perform this year, according to a new report by property website MyHome.ie, in association with Bank of Ireland.

The report says the Irish property market has a “disproportionate reliance” on high income earners working in multinational sector, which leaves it vulnerable to any sudden shock.

It found that asking prices for property rose by 8% over the year.

The average mortgage loan for a house purchase is now almost €320,000, up 7% on the year, according to the report.

It added in the absence of the impact of a trade war, the housing market’s record low supply levels and continued strong demand meant that MyHome’s forecast for 5% inflation this year might be “too conservative”.

Bank of Ireland chief economist Conall MacCoille, who authored the report, warned of increasingly stretched affordability in the market.

“Through 2024 Ireland’s residential property price index rose by 8.7%, stretching affordability versus the 5.6% pay growth recorded over the same period,” he said.

“The average Irish residential property transaction of €404,000 was an eight-times multiple of average annual earnings of €51,000,” he stated.

“This is the most stretched Irish house prices have become relative to income since 2009,” he added.

Article Source – Trade war threat to impact housing market this year – report – RTE

Copyright and Related Rights Act, 2000

EU response to Trump tariffs could amount to €400bn

The total European Union response to US President Donald Trump’s tariffs could amount to duties on US goods worth €400 billion, RTÉ News understands.

This would represent retaliation for the US tariffs of 25% on steel and aluminium, last Wednesday’s “reciprocal” tariffs of 20% on most EU exports, and the 25% tariffs on European car and autoparts exports.

The European Commission will publish a final list of US products to be targeted in response to the steel and aluminium tariffs tonight and member states will vote on that list on Wednesday.

It is understood the Commission will wait for the economic impact of that suite of tariffs to take before looking at an expanded list in response to cars and reciprocals.

It comes as Tánaiste Simon Harris is among those due to attend an emergency meeting of EU trade ministers in Luxembourg as global markets brace themselves for another turbulent week in the aftermath of Mr Trump’s battery of tariffs.

The announcement of the measures taking by the US President on Wednesday have stoked fears of a global downturn and a recession in the United States.

EU ministers will focus on two agendas: firstly, an immediate retaliation against the 25% tariffs Mr Trump slapped on European steel and aluminium last month, and secondly, how to respond to his 20% blanket tariffs on almost all EU exports to the US.

On the former, the European Commission has been circulating a 99-page list of US products which could be hit with tariffs in retaliation for the steel and aluminium duties.

Ireland, France and Italy have been lobbying to have US bourbon taken off the list given that Mr Trump threatened to hit European wine and spirits with a 200% tariff.

It is understood that effort may have borne fruit, although the Commission has kept the final list secret ahead of today’s meeting.

Member states are due to vote on the final package on Wednesday.

On the blanket US tariffs, Mr Harris said he would make Ireland’s commitment to EU unity clear.

The Tánaiste called for a firm, but proportionate response, while working towards a negotiated solution.

On that note, the US Treasury Secretary Scott Bessant has said 50 countries had contacted the Trump administration seeking negotiations to reduce the tariffs.

Mr Bessant told NBC News President Trump now had maximum leverage.

The EU’s trade commissioner Maroš Šefčovič said on Friday he had a frank exchange of views with Commerce Secretary Howard Lutnick and Trade Secretary Jamieson Greer and that both sides would stay in touch.

The comments do not suggest an imminent climbdown by the Trump administration.

Article Source – EU response to Trump tariffs could amount to €400bn – RTE

Copyright and Related Rights Act, 2000

World markets dive on trade war gloom

European markets plunged this morning as investors grappled with the possibility of a recession after sweeping tariffs announced by US last week.

US President Donald Trump showed no sign of backing away from the tariff plans despite retaliation from China, pushing investors to price in interest rate cuts by the European Central Bank and the Federal Reserve.

Traders are now pricing an ECB deposit rate at 1.7% in December from 1.75% on Friday and 1.9% last week before Trump’s tariff announcement.

The Frankfurt DAX sank over 7% in early trade, while the Paris CAC slumped 6.6% and London’s FTSE index lost 5.3%.

Dublin’s ISEQ index had dropped 5% in early trade, with big falls in Kingspan, Ryanair and the banks.

Earlier, shares in Hong Kong plummeted more than 12% today in their worst day in more than 16 years as China’s retaliation against Donald Trump’s tariffs ramped up a trade war and fuelled recession fears.

The Hang Seng index plunged 12.4%, while in mainland China the Shanghai Composite Index shed 7.7%.

The sharp selloff came amid a collapse in Asian markets that came after China said late Friday it would impose retaliatory levies of 34% on all US goods from April 10.

The announcement followed the US president’s unveiling of sweeping tariffs against US trading partners for what he says is years of being ripped off, and claims that governments were lining up to cut deals with Washington.

Firms across all sectors were in the firing line, with tech giant Alibaba diving more than 17% and rival JD.com shedding 15%, while Chinese developers lost more than 10%. Market operator Hong Kong Exchange and Clearing was also hammered 15%.

Meanwhile, Australia’s benchmark stock index closed 4.2% lower today, recording one of its worst trading days in more than a year as US tariffs and China’s reprisals roiled global markets.

A benchmark index of the country’s largest 200 listed companies sank to its lowest since late 2023, extending losses first sparked last week by US President Donald Trump’s bombshell tariff announcement.

Taiwan stocks plummeted almost 10% today, the biggest one-day percentage fall on record, in the first trading since US tariffs were announced last week, with Taiwan’s president taking to X to pledge a “golden age” of shared prosperity with the US.

Taiwan, hit with a 32% duty, was singled out by US President Donald Trump as among the US trading partners with one of the highest trade surpluses with the country.

After resuming trade today following market holidays on Thursday and Friday, Taiwan’s benchmark stock index plunged to its lowest level in more than a year.

Japan’s key Nikkei 225 index of shares closed 7.8% today, after slumping nearly 9% in earlier trade, as concerns over a tariff-induced global recession continued to rip through markets.

Wall Street stocks suffered another bruising sell-off on Friday as major indices slumped more than 5% following President Donald Trump’s aggressive tariff policies.

US equities spent the entire session in the red, shrugging off solid employment figures and fixating on China’s quick retaliation against the US levies.

The broad-based S&P 500 led the major indices lower, ending at 5,074, down 6% for the day and more than 9% for the week.

The tech-rich Nasdaq Composite Index slumped 5.8% to close at 15,588, placing it in a bear market, defined as a 20% fall from a recent high.

The Dow Jones Industrial Average tumbled 5.5% to end at 38,315, its first close under 40,000 points since August.

Article Source – World markets dive on trade war gloom – RTE

Copyright and Related Rights Act, 2000

Oil tumbles further as US-China trade tensions fuel recession fears

Oil prices slid more than 3% today, extending last week’s losses, as escalating trade tensions between the US and China stoked fears of a recession that would reduce demand for crude.

Brent futures declined $1.41, or 2.15%, to $64.17 a barrel in early trade, while US West Texas Intermediate crude futures lost $1.35, or 2.18%, to $60.64. At the session low, both benchmarks were down over 3% and hit their lowest levels since April 2021.

Oil plunged 7% on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week, Brent lost 10.9%, while WTI dropped 10.6%.

“It’s hard to see a floor for crude unless the panic in the markets subsides and it’s hard to see that happening unless Trump says something to arrest snowballing fears over a global trade war and recession,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Responding to US President Donald Trump’s tariffs, China said on Friday it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is underway.

Imports of oil, gas and refined products were given exemptions from Trump’s sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.

US Federal Reserve Chair Jerome Powell said on Friday that Trump’s new tariffs are “larger than expected,” and the economic fallout including higher inflation and slower growth likely will be as well.

Adding to the downward momentum, the Organization of the Petroleum Exporting Countries and allies (OPEC+) decided to advance plans for output increases. The group now aims to return 411,000 barrels per day (bpd) to the market in May, up from the previously planned 135,000 bpd.

“This potential influx of supply, reversing cuts maintained over the past two years, represents a major shift in market dynamics and acts as a significant headwind for prices,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Over the weekend, top OPEC+ ministers stressed the need for full compliance with oil output targets and called for overproducers to submit plans by April 15 to compensate for pumping too much.

On the geopolitical front, Iran over the weekend rejected US demands that it hold direct nuclear talks or face strikes. Russia claimed to have captured Basivka in Ukraine’s Sumy region and said its forces were attacking multiple nearby settlements.

Article Source – Oil tumbles further as US-China trade tensions fuel recession fears – RTE

Copyright and Related Rights Act, 2000

Tax take to end of March up nearly 9% on same period last year

Tax receipts in the first three months of the year were up 8.9% on the same time last year.

Figures from the Department of Finance show the tax take stood at €21.9 billion at the end of March.

This is excluding a payment of €1.7bn which was part of a settlement made by Apple.

The payment related to the Court of Justice of the European Union judgment which said the iPhone maker had to repay €14bn to Ireland in back taxes.

When this payment is included, overall tax take amounted to €23.6bn.

The latest Exchequer Returns show that income tax was up 3.6% on the same period last year to €8.2 billion.

Corporation tax jumped to €4.8bn, up €2.3bn on the same period last year.

However, €1.8bn of this related to a once off payment.

When this was excluded, corporation tax receipts for the three month period amounted to €3bn, up €600 million on the same period last year.

Meanwhile, VAT receipts were up 6.8% to €7.6bn, and Excise Duty receipts were up 6.6% to €1.5bn.

Total spending in the first three months of the year was €27.2bn. Of this, gross voted expenditure stood at €24.8bn, 8.8% ahead of the same period last year.

Non-voted expenditure accounted for €2.4bn, down €200m on the same period in 2024.

Today’s figures show the Exchequer recorded a surplus of €4.1bn to the end of March.

This compared to a surplus of €300m during the same three months last year.

However, when receipts from the CJEU ruling are excluded, the surplus stands at €900m.

Minister for Finance Paschal Donohoe said Ireland has no reason at the moment to change its forecast that tax revenue will rise this year, with any impact from US tariffs on the European Union unlikely to be felt immediately.

Minister Donohoe said it was likely that the impact would first be felt on consumption taxes, with the effect on payroll more medium term, and any hit to corporation tax dependent on what happens in the “global situation.”

“We are not seeing any of those signs and we certainly have no reason at the moment now to change our forecast regarding how much tax we believe we will collect in 2025,” he told a press conference, adding that this would be confirmed in updated forecasts later this month.

He said Ireland’s economy is facing an “exceptionally uncertain” period, following the tariff announcement by US President Donald Trump last night.

“But today’s figures show that, because of the careful management of our public finances, we are approaching the challenges ahead from a position of strength,” he said.

He also said the Department of Finance is still positive about its Corporation Tax outlook following on from last night’s US tariff announcement.

Mr Donohoe described the imposition as a “deeply regrettable moment” and repeated his assertion that up to 80,000 jobs here could be affected in terms of jobs lost and jobs not created.

The minister said an awful lot of uncertainty arises from last’s night announcement, and said the weeks ahead should be used to try negotiate with the US.

Asked when he thought the tariffs would impact on Corporation Tax receipts here, he said that depends on whether they become permanent or whether they can be reduced or removed following any US negotiations.

Article Source – Tax take to end of March up nearly 9% on same period last year – RTE

Copyright and Related Rights Act, 2000

Tax waivers, grants could bring vacant properties into use, says group

Vacant properties and above-the-shop units could provide an answer to the housing crisis, according to the Hardware Association of Ireland.

It estimates that there are at least 20,000 vacant units of this type ready for transformation.

The association is the representative body for Irish hardware and DIY retailers, builders’ merchants, distributers and manufacturers.

It represents over 400 members nationwide and 26,000 staff in the sector.

It carried out a survey recently of members and local auctioneers and found that the majority believe more incentives are needed to encourage these types of property sales.

“When we spoke to the property owners to find out what were the constraints to them doing something with properties, by and large, there were financial constraints of one form or another,” said CEO of the Hardware Association of Ireland Martin Markey.

“So one thing we think should happen is a waiver on capital gains tax for a number of years, which would allow a good few thousand of these properties to come back onto the marketplace and be bought by people who actually want to do something with them,” he added.

“We’d also like to see an extension of the vacant homes grant to above-the-shop properties,” he added.

While the association’s members will ultimately benefit from building renovations, it says the move goes much further than that.

Mr Markey said the potential is huge and by introducing targeted tax incentives and streamlining regulations, it will unlock the potential of these spaces, creating much needed homes and boosting local economies.

“We estimate there are 20,000 units. That’s a significant amount of units and we are in a housing crisis and that would go a significant amount of way to addressing some of the issues we have.

“It doesn’t have the same impediments that, for example, a new build has. It doesn’t involve the tie up in terms of planning and all that type of thing, because these houses are already there.

“And there’s a huge social benefit as well to getting people back to living in our towns and villages and cities.”

Bid to increase Portlaoise town centre population

In Portlaoise, Co Laois, the local authority identified in recent years a declining population in the town centre and has been working to turn that around.

“In 2017 we compiled a strategy for Portlaoise for a better town centre and one of the key aims of that was trying to get new people, new population in to live in the town,” said Angela McEvoy, Director of Services over Planning, Regeneration and Economic Development at Laois County Council.

“We had experienced a big population decline in relation to the town centre and so a lot of the ambition was about bringing back about 2,500 people into the town centre,” she said.

“We have achieved a lot to date and there are a lot of key sites that were institutions that have been converted and we now have over 250 units on all of those sites, within a two-minute walk of the railway station in the town,” she explained.

“A lot of our strategies have an ambition to bring people back into the town centre because living in a town centre has a lot of advantages.

“It creates a vibrant town and obviously has a huge impact on shops and business.”

Ms McEvoy is keen to stress that over the shop units work well as they ensure that commercial viability of a town is also protected.

“We do want to keep a certain amount of commercial vitality within our town centre too so the living over-the-shop is probably the best way to go, rather than converting the whole unit into a residential residence,” she said.

Over the last number of years significant work has taken place in regenerating a number of the main towns across Laois and the vacant refurbishment grants have helped.

“Over the past number of years, we’ve identified over 1100 vacant buildings, 700 of which are derelict,” explained Town Regeneration Officer with Laois County Council Denise Rainey.

“The activation programme is about engaging with the owners of these buildings to try and bring them back into use,” she said.

“Now a useful tool has been the Government’s vacant refurbishment grants and in Portlaoise for example we have processed over 300 applications, and we’ve paid out over €3.8 million in funding,” she said.

“That has resulted in a number of properties leaving the activation programme which is what it’s all about,” she said.

Article Source – Tax waivers, grants could bring vacant properties into use, says group – RTE

Copyright and Related Rights Act, 2000

Trump tariffs provoke condemnation as recession fears grow

Countries around the world have threatened to wage a trade war with the United States as President Donald Trump’s sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market.

The penalties announced by Mr Trump on Wednesday triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalisation.

In Japan, one of United States’ top trading partners, Prime Minister Shigeru Ishiba said that the tariffs had created a “national crisis” as a plunge in banking shares set Tokyo’s stock market on course for its worst week in years.

Investment bank JP Morgan said it now sees a 60% chance of the global economy entering recession by year end, up from 40% previously.

But there were conflicting messages from the White House about whether the tariffs were meant to be permanent or were atactic to win concessions, with Mr Trump saying they “give us great power to negotiate.”

The US tariffs would amount to the highest trade barriers in more than a century: a 10% baseline tariff on all imports and higher targeted duties on dozens of countries.

That could jack up the price for US shoppers of everything from cannabis to running shoes to Apple’s iPhone. A high-end iPhone could cost nearly $2,300 if Apple passes the costs on to consumers, based on projections from Rosenblatt Securities.

Mr Trump has said the market slide due to his decision to impose tariffs was expected and the step was needed to heal the economy, which he called a sick patient.

Mr Trump also said he was open to tariff negotiations if other countries offered something “phenomenal”.

Businesses raced to adjust. Automaker Stellantis said it would temporarily lay off US workers and close plants in Canada and Mexico, while General Motors said it would increase US production.

Canadian Prime Minister Mark Carney said the United States had abandoned its historic role as a champion of international economic cooperation.

“The global economy is fundamentally different today than it was yesterday,” he said as he announced several countermeasures.

Elsewhere, China vowed retaliation for Trump’s 54% tariffs on imports from the world’s second biggest economy, as did the European Union, which faces a 20% duty.

French President Emmanuel Macron called for European countries to suspend investment in the United States.

Other trading partners, including Japan, South Korea, Mexico and India, said they would hold off on any retaliation for now as they seek concessions. Britain’s foreign minister said it was working to strike an economic deal with the United States.

But Washington’s allies and rivals alike warned of a devastating blow to global trade.

The tariffs “clearly represent a significant risk to the global outlook at a time of sluggish growth,” said IMF Managing Director Kristalina Georgieva, calling on Washington to work to resolve trade tensions with its partners and reduce uncertainty.

US Commerce Secretary Howard Lutnick and senior trade adviser Peter Navarro both said yesterday the president would not back off, and that the tariff increases were not a negotiation.

Mr Trump then appeared to contradict them, telling reporters: “The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we’re taking it to a whole new level.”

Stocks suffered a global meltdown, the US dollar crumbled and oil prices were set for their worst week in months as analysts warned the tariffs could dent demand, upend supply chains and hurt corporate profits.

The Dow fell nearly 4%, its biggest one-day percentage loss since June 2020. The S&P 500 lost nearly 5% and the tech-heavy Nasdaq declined nearly 6%, its worst day in percentage terms since the pandemic era of March 2020.

American companies with significant overseas production took a hit. Nike shares lost 14% and Apple fell 9%.

The pain for markets continued into this morning, with Japan’s Nikkei set for its biggest weekly drop in five years in a rout led by stocks in Japanese banks, some of the biggest lenders in the world by assets.

Japanese bond yields, meanwhile, fell sharply as investors bet the Bank of Japan may be forced to rethink its plans to raise interest rates.

Mr Trump says the “reciprocal” tariffs are a response to barriers put on US goods, while administration officials said the tariffs would create manufacturing jobs at home and open up export markets abroad, although they cautioned it would take time to see results.

Vice President JD Vance in an interview with Newsmax faulted critics for taking a short-term view.

“That’s fundamentally what this is about, the national security of manufacturing and making the things that we need, from steel to pharmaceuticals,” Mr Vance said.

Since returning to the White House in January, Mr Trump’s on-again, off-again tariff threats have rattled consumer and business confidence. Mr Trump could step back again, as the reciprocal tariffs are not due to take effect until 9 April.

“The tariff plan does not appear to be well thought-out. Trade negotiations are a highly technical discipline, and in our view these proposals do not offer a serious basis for negotiations with any country,” said James Lucier, founding partner at Capital Alpha.

Economists say the tariffs could reignite inflation, raise the risk of a US recession and boost costs for the average US family by thousands of dollars.

Analysts said the tariffs could also alienate allies in Asia and undercut strategic efforts to contain China.

Mr Trump has slapped a 24% tariff on Japan and a 25% tariff on South Korea, both home to major US military bases. He also hit Taiwan with a 32% tariff as the island faces increased military pressure from China.

Canada and Mexico, the largest US trading partners, were not hit with targeted tariffs on Wednesday, but they already face 25% tariffs on many goods and now face a separate set of tariffs on auto imports.

Article Source – Trump tariffs provoke condemnation as recession fears grow – RTE

Copyright and Related Rights Act, 2000

Govt expects US measures on pharma sector, says Tánaiste

The Government’s “working assumption” is that there will be further US tariffs focused on pharmaceuticals, Tánaiste Simon Harris has said.

The sector received an exemption from a sweeping 20% tax on EU goods announced by President Donald Trump yesterday.

The US President made the announcement in a much-anticipated address from the White House in what he called a “declaration of economic independence”.

He said the 20% figure is about half of the EU levy on US goods.

Addressing the exemption for pharmaceuticals, Mr Harris said the expectation was that further measures were coming.

Speaking as he arrived at Government Buildings this morning, the Minister for Foreign Affairs and Trade said: “I think we have to take President Trump at his word here. He has been very clear that he intended to put in place EU-wide tariffs, he announced them last night.

“He’s also been very clear that there’s a number of sectors that he wants to take specific measures in relation to. Steel and aluminium, he’s already done. The car industry he’s already done and he’s indicated semiconductors and lumber and pharma.

“Therefore, my working assumption has to be that there will be further measures directed at pharma, or at least that that’s the intention of the US administration.

“Of course, we continue to engage. I had a good conversation with the US administration last week in relation to this.

“We’re making the point that actually about 80% of what we produce in companies here that goes into the US, from a pharma point of view, aren’t finished products, they’re commodities that actually go back into US factories, create jobs for people to pay taxes there.”

Mr Harris noted that other EU countries also have strong pharmaceutical presences, including Denmark, Sweden and the Netherlands.

He said the European Union “has to respond if the US refuses to engage, refuses to negotiate”.

Mr Harris said the EU was ready to respond as a “much larger economic trading bloc” than the US, adding: “We can’t just kind of stand idly by.

“I think the approach taken by the president to the commission today is calm, is measured, is balanced, it’s basically saying ‘we’ll respond if we have to, but we’d much rather talk. We’re ready to respond. We’re prepared to respond, but we’d much rather talk and engage’.”

Mr Harris added: “We deeply regret the announcements by the United States president last night.

“I think, though, now that the United States has had its big-bag moment and made this announcement, now it’s time to get around the table, try and find a negotiated way forward.
“Over the course of the last number of days, I’ve been talking to most of my European counterparts and in very, very regular contact with the EU trade commissioner.

“I really believe that the European Union wants to find a way forward. We don’t want to be involved in tit for tat. We’d much rather be involved in talks.”

However, he said the EU “will have to respond” if a solution could not be found through talks.

‘Measured approach’

Meanwhile, Minister for Enterprise Peter Burke advised companies and businesses considering their position this morning to “be calm”, adding that there will be “a measured approach to this”.

Speaking on RTÉ’s Morning Ireland, he said: “We have to be very clever about this. We have to be calm and really have a look at what are the key areas that we can control.”

He said: “We’re trying to land in a space whereby Europe can move and also where we can try and negotiate downwards the tariffs, which will serve no one because the first casualty is the US consumer here in all of this.”

In relation to Northern Ireland, Mr Burke said dual market access has always been the core of the Windsor Framework and is an important asset to the region and the all-island economy.

He said there is a compensation mechanism contained within the framework which will respond the the differential between countermeasures.

“If the European Union makes countermeasures over the next number of weeks and the UK does not or does to a lesser extent, there is a rebate mechanism contained in the Windsor framework whereby companies can apply to the UK government for a rebate,” he explained.

“All that has to be worked out but that compensation mechanism is clearly part of the Windsor framework.”

As the Government and the EU consider how best to respond to the announcement of tariffs by the Trump administration, Ireland’s EU Commissioner Michael McGrath will hold a series of political engagements in Dublin over the next two days during an official visit.

Trade policy is a competence of the European Commission and Commissioner McGrath will be at the table as the Commission decides on its strategy to respond to Mr Trump’s tariffs.

Significant concerns have been raised for specific sectors in Ireland, including the pharmaceutical and spirits industries.

A fact sheet released by the White House said pharmaceuticals are not currently subject to the reciprocal tariff, but adds that future good-specific or sector-specific tariffs may be announced.

As Ireland’s most senior person in the EU, the tariffs issue is likely dominate discussions between Commissioner McGrath in his meetings over the next two days with the Taoiseach, Tánaiste, and Ministers Paschal Donohoe and Jack Chambers.

The Commissioner is also due to meet with Minister for Justice Jim O’Callaghan, the Attorney General, the DPP, the Chief Justice, the Garda Commissioner and the Competition and Consumer Protection Commission during the visit.

He will also give a keynote address at UCD’s Sutherland School of Law on the rule of law in the European Union.

Last night the Taoiseach said that disrupting the “deeply integrated” trade relationship between Europe and the United States “benefits no one”.

The Fianna Fáil leader said he deeply regrets the move from Mr Trump and sees “no justification” for it.

“We will now reflect with our EU partners on how best to proceed,” Mr Martin added.

Additional reporting Mícheál Lehane

Article Source – Govt expects US measures on pharma sector, says Tánaiste – RTE

Copyright and Related Rights Act, 2000

EU chief says new US tariffs are ‘major blow to world economy’

European Commission President Ursula von der Leyen has said that US President Trump’s universal tariffs are a major blow to the world economy, which she said will suffer massively.

Mr Trump unveiled a 10% minimum tariff on most goods imported to the United States – with a higher 20% rate for the European Union – kicking into high gear a global trade war that threatens to drive up inflation and stall US and worldwide economic growth.

The EU chief said the consequences will be dire for millions of people around the globe – including some of the poorest people on the planet, and she deeply regretted the US move.

Ms von der Leyen said all businesses, big and small, will suffer from day one of the US tariff regime, and the cost of doing business with the US will drastically increase.

Ms von der Leyen said she agreed with President Trump that some countries have taken advantage of the current international trading rules, and said the EU was ready to negotiate major changes.

“I am ready to support any efforts to make the global trading system fit for the realities of the global economy,” she said, but added: “Reaching for tariffs as your first and last tool will not fix it.”

She said the EU has “always been ready to negotiate with the US to remove the remaining barriers to transatlantic trade,” and said Commission Vice President and Trade Commissioner Maroš Šefčovič was “permanently engaged” with his US counterparts in seeking a solution.

At the same time, the EU Commission president said the EU was ready to respond with counter measures, should negotiations fail.

Ms Von der Leyen said the commission has finalised a package to respond to the previously announced 25% tariffs on steel and aluminium, and was now preparing a package to respond to the 20% tariff on EU products announced yesterday by President Trump.

“We are already finalising the first package of countermeasures in response to tariffs on steel,” Ms Von der Leyen said in a statement read out in Samarkand, Uzbekistan, ahead of a EU-Central Asia partnership summit.

“And we’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.”

Ms Von der Leyen said the commission would also look out for secondary effects of the US move, stating “we will not accept dumping on our market”.

However, the EU chief added that “it is not too late to address concerns through negotiations”.

Italian Prime Minister Giorgia Meloni criticised the tariffs and urged a deal, warning a trade war would only weaken the West.

“The introduction by the US of tariffs towards the EU is a measure that I consider wrong and that does not suit either party,” she said in a statement posted on social media.

“We will do everything we can to work for a deal with the United States, aiming to prevent a trade war that would inevitably weaken the West in favour of other global actors.”

Ms Meloni said Italy would discuss the issue with other European partners, adding that either way, “we will act in the interest of Italy and its economy”.

Italian Foreign Minister Antonio Tajani said he will meet EU trade chief Šefčovič in Brussels.

Italy was “already working with the EU and with European partners for an initial assessment and a common response”, he wrote on X.

“We need a response based on a pragmatic approach, based on dialogue,” Mr Tajani added, urging “constructive negotiations” that take into account US concerns but also protect European interests.

Ms Meloni, leader of the post-fascist Brothers of Italy party, has previously sought to avoid criticising Mr Trump, instead positioning herself as a bridge between the EU and US.

Article Source – EU chief says new US tariffs are ‘major blow to world economy’ – RTE

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