THERE IS A “huge amount of uncertainty” surrounding tariffs proposed US President Donald Trump on the EU next week, a government minister has said.

Enterprise Minister Peter Burke said that the Irish government is currently preparing for the impact of the tariffs, due to come into effect on 2 April.

Trump intends to impose tariffs on countries that he sees as having the worst trade balances with the US.

He’s been calling them “reciprocal” tariffs to suggest that they’re a means to “match” the cost of the US doing business with those countries.

He’s dubbed the targets of these tariffs the “dirty 15″ – a list of 14 countries plus the entire EU.

Trump will ultimately determine the contents of the 2 April announcement, which he has touted as “Liberation Day” for the US economy.

EU trade commissioner Maroš Šefčovič expects the US to hit the EU with tariffs of about 20%.

Speaking on RTÉ’s This Week programme today, Burke said that while the terms of the tariffs remain shady, the Irish government is doing “a number of things” to prepare – including engaging with EU counterparts, and convening a trade forum on Friday to “take soundings from all sectoral interests”.

Burke added that he would present a series of measures addressing competitiveness concerns to Government officials on Monday.

While Burke minimised the likelihood of an immediate exodus of pharmaceutical companies, he expressed worry over upcoming investment decisions regarding Ireland’s future.

He emphasised the need for actions that would foster growth in other sectors of the economy, explaining that the Irish government needs a “laser-like focus” on the country’s competitive issues in order to “sharpen up”.

Burke added that Ireland was working alongside the EU to consider a reponse to the latest round of tariffs.

“The EU has taken time, it’s going to assess the impact of what the US administration comes out with on 2 April, and will have a clever, well crafted but calm response,” Burke said.

According to Burke, this EU-wide assessment will ensure that the trading bloc is “standing up for European interests” and also “protecting the Irish economy”.

Speaking on EU News Radio today, EU Commissioner and former finance minister Michael McGrath said that there was engagement this week between high-ranking EU and US figures ahead of the tariffs.

“Those contacts are continuing, we want to avoid the imposition of tariffs”, McGrath said.

“There are only losers when it comes to the imposition of tariffs, which are ultimately taxes on consumers and will cost trade and investment opportunities and could potentially cost jobs.,” he added.