THE GOVERNMENT’S “OVER-ARCHING priority” is to protect Irish jobs as the threat of tariffs imposed upon the EU by the US draws near, the Taoiseach said today.

From early next week, US President Donald Trump intends to announce further tariffs upon EU exports, having previously announced 25% tariffs upon all cars manufactured outside of the US. These tariffs will also come into effect from 2 April.

Speaking to reporters, Micheál Martin said: “The tariffs are bad for the world economy, and a trade war will be very bad for the world economy.

“In respect of the pharmaceutical industry, it is of long standing in Ireland, as indeed many technological companies are also and it’s an integrated supply chain between the companies located here in Ireland and their US parents, and in some respects, the tariffs will potentially damage the companies themselves.”

Martin said that a large amount of product manufactured in Ireland is “intermediate product” which is essential to the completion of products manufactured within the US.

He warned that the touted tariffs “will lead to high inflation and higher prices for medicines for consumers, and will damage the economic prospects for the companies insofar as they’ve embedded very substantial funding in the plans in Ireland.”

Deputy leader of Fianna Fáil, Minister for Public Expenditure Jack Chambers, said today that Ireland is the “most exposed and most at-risk” country in the EU in the face of the approaching tariffs from the US.

Some 25% of Irish exports go to the US – far above the EU average of less than 10%, Chambers said.

Tánaiste Simon Harris also addressed the issue of tariffs today, saying that he was continuing to engage with his European counterparts on the matter, as well as his colleagues in government and within state agencies.

“Companies are not locating in Ireland for the weather,” Harris told reporters. “They’re locating because this is a good country in which to do business. They’re locating because they know Ireland well. They’re locating because they know they can access a skilled labour force. They’re locating here because they know we have pro business stable policies. And they also are locating here, crucially, because it provides them access to the massive market that is the European Union.

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“All of those things were true before the US presidential election. All of those things are true after the US presidential election. So what’s absolutely clear at this stage is we’re highly likely to be entering a time of extraordinary economic challenge and turbulence in Ireland and in the European Union.”

He added that Ireland is coming from a privileged position in which it has budget surpluses, full employment, and money set aside for economic shocks that will enable the country to weather the nearing storm.

The Trump administration has made its intentions to place tariffs upon goods from the EU and Canada clear as it embarks upon a policy of protectionism. This has lead to widespread panic across the world and retaliatory tariffs mooted by the EU.

Yesterday, newly instated Canadian Prime Minister Mark Carney said of his country’s response to the US’ announcement of tariffs upon vehicles from outside of the US, “We will fight the US tariffs with retaliatory trade actions of our own that will have maximum impact in the United States and minimum impacts here in Canada.”